Can I get out of this contract?

[BenLooking]

I've been looking to purchase an IA for some time...in looking at different options, I've come across some listings that are "represented" by a negotiating firm(s) representing the Seller and that if you purchase the agency want a "fee" from the buyer via their NDA in order to eye get info on the Agency for sale. (Anywhere from 5-10% of purchase price.)

I've run into a scenario where I feel this sellers "agent" isn't acting in good faith; not returning phone calls, answering emails in a timely manner and/or providing info to the Agency owner on my behalf. I have a feeling they may be "steering" the sale.

Just curious if anyone has ever dealt with this type of behavior in trying to buy an Agency and way to deal with it / ways around it legally or otherwise?

 

[adjusterjack]

If you already signed a contract you will have to read the contract to find out how to "get out of it" and it won't matter if anybody else has dealt with the same or similar situation.

If you haven't already signed a contract and you don't like what the seller's agent is doing, you have the option of walking away and seeking another agency to purchase.

 

[tikibarrister]

An NDA to look at the books is fair. Paying 10% of sales price to look at the books is nuts. The potential for abuse is huge. I mean...if an agency is for sale for, say, $250,000, they expect you to pay $25K to look at the business?

 

[marindependent]

An NDA to look at the books is fair. Paying 10% of sales price to look at the books is nuts. The potential for abuse is huge. I mean...if an agency is for sale for, say, $250,000, they expect you to pay $25K to look at the business?

I tend to agree