I sold my Watertown restaurant for $25k (building not included) and have a signed sales agreement showing the purchaser agreed to pay $1000 per month. So far, the purchaser has only paid $800 and refuses to pay anymore. They are not doing well with the business and are saying I misrepresented what the restaurant was worth. It kills me to see the restaurant not doing well, when it was thriving when my family operated it. How do I go about getting the restaurant back and voiding our agreement?
Your ability to “take back” your restaurant is dependent upon what documents were signed at the closing. If the buyer executed a promissory note and a mortgage – giving you the right to foreclose in the event of a default, then you can begin that process, usually with formal written notice to the buyer.
If as seller you were not protected you could be limited to simply being able to sue for the monies due you but nothing more.
Our Watertown Restaurant Attorneys provide legal representation for restaurant transactions and all related matters and serve individuals and business in the Boston Metrowest communities including: Brookline, Watertown, Waltham, Newton, Weston, Wellesley, Needham and Dedham.