Unless you signed a contract to buy the business and put down a deposit, then I think it's fair game. Signing a contract to purchase the business would provide BOTH you and the seller protection.
You can't expect anyone to hold off on selling something based on your word. It has nothing to do with if you are a serious buyer, trustworthy person, verbal promises made, etc.
A contract and deposit safeguard you from having the sellers (unfairly/dishonestly) do what they did and safeguards the seller from waiting around baed on someone's word (and potentially losing out on a buyer in the meantime).
It's extremely problematic in Dubai (IMO). If you ever try to sell something in Dubizzle or any other classified, you'll see how many people will promise they are coming to buy something but either A) never show up or B) show up at the last minute (ie later than they promised) and then offer a fraction of what the agreed upon price was.
I was looking to buy a running business. Checked a few... Really liked one, but I was not really sure and wanted my time to decide. I told them I will get back to them within a week to pay advance etc and close the deal. Now, when I contacted them to close the deal... The seller said, she has changed her mind and now selling the business on higher price. What the ****??? I know the business is good and profitable and all... Although, I didn't pay any advance... I am willing to pay what they asked For in the first meeting and they are refusing . Now the same business is advertised again with 50k increase in selling price. :angry: I don't really get how someone can do it
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