How would I go about doing that to ensure I am released from liability and how do I determine interest rate, terms etc? Also, do I record the 2nd with the county? I'm in the state of California.
Thanks,
2007-06-26 06:39:20 · 2 answers · asked by useurbrain 3 in Business & Finance ➔ Small Business
It's just a promissory note from the buyer to you. I just purchased a business that was all owner financed.
The terms were: 10% simple interest, 10 year term.
as for the liability issue, most likely it will be an asset sale, so you will only be liable for lawsuits that stem from the time you had the business. You should not be liable for their libilities after close of escrow.
Have the attorney draft up a promissory note. It's quite simple and very common.
Hope it helps.
2007-06-26 06:56:33 · answer #1 · answered by no_mo_names 3 · 0⤊ 0⤋
You should have a lawyer for advice on this.
Good luck.
2007-06-26 14:25:01 · answer #2 · answered by Judy 7 · 0⤊ 0⤋