Hello,
I sold an autobody repair facility to a local auto repair facility owner. We wrote up a contract ourselves and signed it in front of a California Notary Public. The contract called for a down payment of $50,000.00 of which I received. I agreed to carry the $62,000.00 remainder of what is owed me for one year, with no interest, due on December 31, 2008. I did not put anything for any kind of collateral in the contract, only that the remaining funds were due me on the above date.
I have had some contact with the buyer, and I am beginning to feel that he might skip out on me to Mexico without paying the remaining balance.
If he does not pay me by the due date, what are my options? Can I put a lien on his business's? Should I get an attorney to send him a letter before the due date explaining my options if he doesn't pay? What can or should I do to help influence him to pay me on time?
Any suggestions or help is appreciated.
Thank You
tdbuckeye
I sold an autobody repair facility to a local auto repair facility owner. We wrote up a contract ourselves and signed it in front of a California Notary Public. The contract called for a down payment of $50,000.00 of which I received. I agreed to carry the $62,000.00 remainder of what is owed me for one year, with no interest, due on December 31, 2008. I did not put anything for any kind of collateral in the contract, only that the remaining funds were due me on the above date.
I have had some contact with the buyer, and I am beginning to feel that he might skip out on me to Mexico without paying the remaining balance.
If he does not pay me by the due date, what are my options? Can I put a lien on his business's? Should I get an attorney to send him a letter before the due date explaining my options if he doesn't pay? What can or should I do to help influence him to pay me on time?
Any suggestions or help is appreciated.
Thank You
tdbuckeye
