Default of business purchase
Location: Florida
Hi! I recently went through the process of selling my business. Buyer and I signed a purchase agreement to close 4/4. Buyer indicated the whole time they would close until 4pm was their last correspondence requesting a change which I approved. Documents were sent for review at 4:54 and closing docs sent at 5:14. The next day they said I was in breach of contract because they didn’t receive the documents by 5pm so they couldnt wire in time is their reasoning for the breach by me. Our document does not state a time nor did they ever state this before. There is a $25k deposit they are asking for back in addition they signed in the purchase agreement to pay broker $32,300 if he brought the sale and buyer defaulted. They do not want to pay this. If we bring this to court what are the odds they would win? It looks like it is heading that way, as of now they have not agreed to release the deposit.
Posted Apr 9, 2025, 8:20 PM UTC