Legal Question in Business Law in Colorado

Contract for deed

We recently sold our business on a contract for deed, he was to pay the bank their payment and to pay us the rest, although he made the bank payments(was late) he is late on our payments, the contract state he has 90 days to catch up, in the meantime the bank wrote us a letter stating they want all the money, the payment we owe the bank and the payments that were coming to us. So really our contract isn't being met to the terms that we had agreed upon, what legal recourse do we have against the buyer and the bank. If we don't receive our money that was to be given to us monthly we can't survive and then we'd be in trouble with other creditors.


Asked on 3/09/03, 2:32 pm

1 Answer from Attorneys
H.M. Torrey The Law Offices of H.M. Torrey

Re: Contract for deed

from the facts given, you may have a cause of action for breach of contract. you should send a legal notice to your debtor explaining your intent to take them to court should their late payments and/or non-payments continue. you should be entitled to any damages that the late payments have caused or shall continue causing you. if you would like further assistance, feel free to email me directly.

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Answered on 3/09/03, 2:54 pm


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