Legal Question in Real Estate Law in Pennsylvania
Selling under article of agreement contract
After entering into an article of agreement to purchase a restaurant,we found ourselves forced to close after one year.The agreement states the sellers have to give us written notice to take action of any kind.After 30 days of written notice,they can void the contract and take back the restaurant.Before this time period, can they sale the restaurant, and keep the proceeds.Or are we entitled to the money minus what we still owe?
2 Answers from Attorneys
Re: Selling under article of agreement contract
It's unclear from your question whether you have a lease to purchase agreement or a seller financed sale. The answer is a bit different depending on which of these two apply. Assuming, because of the short 30 day breach term, that this is a lease to purchase agreement, than until your lease expires (presumably 30 days from the written notice) they do not have the right to sell the resturant. However, this is HIGHLY dependent upon what the agreement actually says. You need to review your rights with an attorney, because if not, you may wind up being liable for more than just giving back the resturant. I would be happy to discuss this with you in greater depth if you wish to call me at (215) 545-4830.
P.S. Please note, if there is a liquor license involved, this transaction can be even more complex.
Re: Selling under article of agreement contract
Based on your question it would appear that more facts are required. I do agree with what the attorney in Philadelphia stated. If you are located in the western part of the state and are interested in a no cost initial consultation to discuss this please call my office.
Brandon Barnett 412-916-1677
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