I want to cancel a contract for sale of a business, the agent refuses and demands com

[Peter J]

I ssigned a one year contract for the sale of a Florida retail business with a business broker. During the term of the contract the location lease expired. The landlord refuses to issue another long lease because the strip center is for sale. This makes my business unsalable. The business broker is making no effort to sell the business and thinks it unsalable yet when I asked to cancel the contract so that I can liquidate inventory and move on, the broker wants commission. What can I do? I am being held captive to a nonperforming broker.

 

[I AM ALWAYS LIABLE]

I ssigned a one year contract for the sale of a Florida retail business with a business broker. During the term of the contract the location lease expired. The landlord refuses to issue another long lease because the strip center is for sale. This makes my business unsalable. The business broker is making no effort to sell the business and thinks it unsalable yet when I asked to cancel the contract so that I can liquidate inventory and move on, the broker wants commission. What can I do? I am being held captive to a nonperforming broker.

My response:

You signed a contract. The broker is entitled to his contractual commission. It's not the broker's fault that your landlord won't renew the lease. You owe the money.

IAAL