Q: The buyer of land we sold has asked for an extension of two years as he is unable to come up with the balloon payment.
We are agreeable as he is making interest only payments. What do we need to do legally for this transaction?
A:
Disclaimer: The materials provided below are informational and should not be relied upon as legal advice.
You should review your existing agreement and/or promissory note to see if it contains necessary provisions allowing the changes you mention. It would be a good idea to reduce the changes in writing either in form of a new agreement or as an amendment to the existing agreement. Be sure to consult your own attorney to protect your legal rights.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
