Legal Question in Business Law in Arizona

It sounds to me like you are conducting this sale without the advice of a real estate broker or other professional. First, I would advise you to confer with an attorney (Me!) or other professional who can advise you about what to expect with these kind of transactions, what are the risks involved and what are the alternatives available to you.

I would not advise you to sell your property with the buyer giving you a promissory note, and no cash. The property must be part of the collateral, you should get additional collateral. What happens, what are your rights, if the buyer refuses to make a payment? A title company may act as the collection agent for you, however, that may not be the best or safest arrangement for you. Get some help at once, so you don't lose your buyer. Do not proceed with the note and schedule of payments!

As a Franchise Attorney I second the other attorney answer. Don't try to save some dollars now and set yourself up for a world of grief and a black hole into which you will have to continually pour money. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation