Legal Question in Business Law in Connecticut
I own small restaurant d like to sell with one third down payment and the rest is with payments in three years. If they stop paying me how can I take store back or can I take it back? I am keeping the lease and phone lines under my name till they they finish last payment.
1 Answer from Attorneys
This is typically done through a promissory note that is secured against the assets being sold and/or against the principals. A seller can also include a right to reenter and repossess.
I encourage you to retain an attorney for this transaction. If you have any further questions Feel free to contact my office at your earliest convenience.\
Roman R. Fichman, Esq.
admitted in Connecticut and New York
www.TheLegalist.com │ @TheLegalist
email: Info (@) TheLegalist (dot) com
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Disclaimer: This post has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice or be relied upon. The post may contain errors, inaccuracies and/or omissions. You should always consult an attorney admitted to practice in your jurisdiction for specific advice. This post may be deemed as Attorney Advertising.
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