Legal Question in Business Law in Maryland

I sold a store to a buyer on an installment. The agreement is that he will pay me monthly installment until the payment is paid off and then I will transfer the store into his name. It has been more than 6 months he has only paid me half of a months payment. He made up several excuses over the past 6 months. He has not paid rent and the building owner has locked him out of the building. What will my legal grounds be? how do I proceed in recovering the rest of the balance?

thank you


Asked on 12/01/15, 1:03 pm

1 Answer from Attorneys
Cedulie Laumann Arden Law Firm, LLC

What a seller can do when the buyer defaults depends on what you put in your sale documents. A well crafted business sale will include some protection for the seller, whether by securing the business assets, reverting title or providing for damages on default. Generally if the other side is not performing you would want to review the documents carefully, particularly the terms of default and proceed accordingly.

An attorney cannot adequately answer this question without getting into the specifics of the particular situation. You may wish to seek legal counsel to review your documents and discuss options on how to proceed.

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Answered on 12/02/15, 11:37 am


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