Legal Question in Business Law in Illinois

I own a business with a one other person. I'm buying him out and want to become the sole owner. He gave me a assignment agreement contract to sign and it seems straight forward with the terms we agreed to. Since I will be paying him in monthly installments for the next year and a half he also wants me to put up my condo as collateral. He wants me to sign a mortgage and promissory note. Are these the right things to sign if I want to use my condo as collateral? Do I have any other options??


Asked on 2/14/14, 3:24 pm

1 Answer from Attorneys
Joseph Brabender Brabender & Chiang LLC

You really need a lawyer to assist with this transaction. Moreover, pledging your condo as collateral might cause a default in your current mortgage (read the mortgage documents).

Read more
Answered on 2/14/14, 3:27 pm


Related Questions & Answers

More Business Law questions and answers in Illinois