Ask Experts Questions for FREE Help !
Ask
    tannie10's Avatar
    tannie10 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jul 25, 2010, 05:48 PM
    How to get out of a contract for deed in a business
    I purchased a video and tanning salon on a contract for deed. Can I sell my tanning beds and then give the business back?
    tannie10's Avatar
    tannie10 Posts: 2, Reputation: 1
    New Member
    		  
    #2

    Jul 25, 2010, 05:52 PM
    I purchased a video and tanning salon for contract for deed. Can I sell the beds
    I purchased a video and tanning salon o a contract for deed. Can I sell the tanning beds off then give it back?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jul 25, 2010, 05:54 PM
    No, because you don't own the business or its assets until the contract is completed.

    Please don't post your question multiple times.

    If you want out of the contract you need to read the contract. Most contract for sale provide for the buyer to cancel the contract but forfeiting any monies paid and the seller regains control.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #4

    Jul 25, 2010, 05:59 PM

    Agreed, in a contract for deed, you are not the owner of anything.

    If you "bought the business" for cash and had a contract for deed for just the property that would be another issue.

    But if your contract is for the entire business, the seller still owns everything until you pay off the contract
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #5

    Jul 25, 2010, 06:02 PM

    Hello t:

    That's like buying a car, stripping it, and letting it get repossessed. It's stealing. How is it, that you don't know that?

    excon
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Executor's Deed for Contract for deed [ 5 Answers ]

My father passed away, I was appointed executor of his estate. Before going into a nursing home, he acquired a few investment properties. He and his "partner" would buy building lots, put a mobile home on it, put in a driveway, secure utilities, than rent or sell CFD. As POA, it took several years...

Contract for Deed Seller has not filled contract [ 9 Answers ]

I need to know where we stand, this is very frustrating for us. The proposal was land (Wyoming), and refurbished trailer in the country. We put $2,000 down and went to an escrow company to fill out the paperwork for closing etc. "Contract for Deed" The contract stated we would take possession...

Buyers name on the DEED if I'm selling on Contract for deed [ 2 Answers ]

Do I have to put the buyers name on the DEED if I'm selling on Contract for deed. I don't really want to being that the house is still financed. I 'm understanding that the deed will change when the property is paid off.

Quit Claim Deed/Contract for Deed [ 7 Answers ]

Ok, I have posted before. I had a contract for deed piece of property, and have myself been going back and forth with a lawyer and the client. Trying to make a offer to end this nightmare. I offered them 1000.00 in 10 payments and at the end of that to sign a quitclaim deed or 500.00 and...

View more questions Search