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Questions Answered by Zachary Scott Gainous
2 Answers | Asked in Contracts for Tennessee on
Q: A lady wants to buy my business for $1500/mo. For 60 mos. If she fails, how can I make sure I get my money? Collateral?

She may do great for a while but I need to make sure I get my money if she fails. What can I do? Should I even be considering this?

Zachary Scott Gainous
Zachary Scott Gainous answered on Feb 28, 2020

You could require a security instrument or mortgage as part of the sale agreement.

If you go that route, the buyer must agree to put up some collateral (her home, vehicles, or her and/or the business' real estate, assets, or property) in case she misses or refuses to make a payment to...
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