QUESTION

default on the purchase of business

Asked on Oct 29th, 2015 on Business Law - Virginia
More details to this question:
I recently sold my restaurant to someone with a contract to hold a note totaling $40K paid in monthly installments, he's made only 1 payment since May of this year, and none since, neither is he paying the note for the lease. How do I just get my place back and get him out, and how long will it take?
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1 ANSWER

You likely will need to retain an attorney and sue purchaser in local court.  Hopefully you have good purchase agreement that provides contractual obligation and also provides for payment of your attorneys' fees if you need to sue to collect. 
Answered on Nov 02nd, 2015 at 12:41 PM

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