security agreement

[anikolop]

What is the name of your state? TX

I am wanting to sell a small sole proprietorship for 55,000 (no real estate involved). The seller will pay me 30K down and the balance with interest over a year. I will do a promissory note for this balance but I also want to include a provision somewhere that if the payments default then I can take back the business. Is there any way I can do this and how?

 

[divgradcurl]

What is the name of your state? TX

I am wanting to sell a small sole proprietorship for 55,000 (no real estate involved). The seller will pay me 30K down and the balance with interest over a year. I will do a promissory note for this balance but I also want to include a provision somewhere that if the payments default then I can take back the business. Is there any way I can do this and how?

There are ways of doing this, but you will want to enlist the services of an attorney to draft the necessary paperwork, so that you know you have something worthwhile if you ever need to enforce the agreement.