Legal Question in Business Law in Florida

i bought a business through owner financing - the previous owner wasn't doing something they were supposed to be doing to be in federal compliance that now affects my ongoing costs. What recourse do I have? I can't just press reset and not pay the loan, right? I'm sure he'd plead ignorance


Asked on 3/01/13, 10:29 am

1 Answer from Attorneys
Darren Inverso Norton, Hammersley, Lopez & Skokos, P.A.

It depends on your contract and what warranties and representations were made by the Seller prior to the sale. As a general matter in most seller finance deals you are not permitted to simply stop paying as a matter of right without that right either being established in law or under the contract.

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Answered on 3/04/13, 8:10 pm


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