What is the name of your state? Texas
I am under contract for a pre existing franchise business. I have already invested a considerable amount of time, effort, and money into this endeavor. The current business owners have been really honest up to this point. However, today a HUGE issue came up. The franchise requires a remodel to be done and this was calculated into the business start up costs. I contacted the only franchise approved contractor in the area and he provided me with a quote that is 10k higher than the amount that the sellers represented was quoted to them by the same contractor. The sellers have represented in several documents the lower price quote, which I relied on during my negotiations for the total business price. I have asked the sellers for a copy of the original price quote from the contractor and they have been unable to produce the quote. If the original price quote was indeed 10k over the estimate that the sellers gave to me what type of recourse do I have? The sellers have not yet been paid. The money is still in escrow. I feel that if the sellers were off on the price quote by 10k for the construction then I should pay 10k less to the sellers for the business. Is this a fair/legally enforcable approach. What are my options?
I am under contract for a pre existing franchise business. I have already invested a considerable amount of time, effort, and money into this endeavor. The current business owners have been really honest up to this point. However, today a HUGE issue came up. The franchise requires a remodel to be done and this was calculated into the business start up costs. I contacted the only franchise approved contractor in the area and he provided me with a quote that is 10k higher than the amount that the sellers represented was quoted to them by the same contractor. The sellers have represented in several documents the lower price quote, which I relied on during my negotiations for the total business price. I have asked the sellers for a copy of the original price quote from the contractor and they have been unable to produce the quote. If the original price quote was indeed 10k over the estimate that the sellers gave to me what type of recourse do I have? The sellers have not yet been paid. The money is still in escrow. I feel that if the sellers were off on the price quote by 10k for the construction then I should pay 10k less to the sellers for the business. Is this a fair/legally enforcable approach. What are my options?