Have you considered this when buying a business online without a qualified Business Broker?
Your deposit will be safe once paid into the Interbiz Business Brokers Trust Account as we keep it on behalf of both the Buyer and the Seller.
We are also governed and audited by the Office of Fair Trading Queensland.
Your deposit can only be released from our Trust Account with a written authority received by both the Seller and the Buyer.
If a dispute occurs, we will not release the funds to the Seller without consent from both parties or their respective Solicitors.
Handing over a deposit to a Seller directly may not be the best thing to do; especially when things go wrong.
What can go wrong?
Who are you really dealing with online? How can you confirm if the person advertising the business is the real owner?
How do you know If the asking price is a fair price? Interbiz Business Brokers will not list a business that is unrealistically priced otherwise all we are doing is wasting everyone’s time!
What if the Seller is dealing with multiple Buyers and holds a deposit from each one?
What if he or she then decides to sell it to the highest bidder? Will you get your deposit money back and if so, how long would that take?
What about the money you have spent on due diligence with Accountants and Lawyers when you realise you what was stated was incorrect or worse, you were conned!
Professional Indemnity Insurance & Duty of Care
Interbiz Business Brokers carries a Professional Indemnity Insurance Cover that will protect you if for some reason you have been deliberately misinformed and have suffered a financial loss as a consequence. Under the Code of Conduct of holding a Real Estate Agent’s Licence, we have a duty of care to tell as soon as we are aware that the information that has been provided is false or incorrect.
Buyer Beware! An online Seller will have no such Insurance Cover to protect you nor are they governed by the Property Occupations Act as Interbiz Business Brokers is in Queensland.
Be Smart and use an experienced, well-respected and fully qualified business broker.
At Interbiz Business Brokers – We bring Buyers and Sellers together!
Disclaimer: All articles provided herewith are for informational purposes and not to be construed as financial or legal advice. Consult you accounting & legal team for advice in selling or buying a business