Legal Question in Real Estate Law in Maryland
Restaurant and Tavern Business
We purchased a business and not the property, we lease it. We renovated the property, it was in shambles. New equipment, inside and out. We worked out a deal with the owner to hold half of the purchase price. Can we sell this business, without paying off the note? There is no stipulation in any of the doc's saying we can't. We did have lawyers draft up doc's.
The only agreement we agreed to is, that the new equipment was collateral for him hoding note.
1 Answer from Attorneys
Re: Restaurant and Tavern Business
You can sell the business subject to the note, which means that the buyer takes over the note. But you will need the consent of the noteholder if you want him to release you from the terms of the note after you sell the business.
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