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I am owed a sum of money and the debtor is willing to give me a document stating that if he does not pay me by April 30th 2017, he will sell his property and pay me what I'm owed. What should this document lol like to safeguard my rights ?
I am owed a sum of money and the debtor is willing to give me a document stating that if he does not pay me by April 30th 2017, he will sell his property and pay me what I'm owed. What should this document lol like to safeguard my rights ?
That is something you really need an attorney to construct.
Regardless of any such requirement in the contract it would be difficult and possibly quite expensive to enforce. Even if the contract is enforceable, should the debtor refuse to comply, you are relegated to suing to enforce the contract. If the property can actually be sold (is this real property (real estate) or personal property), it can take time to sell property. If thjs is real estate, there are many concerns that may prevent the debtor from actually selling the property.
I am owed a sum of money and the debtor is willing to give me a document stating that if he does not pay me by April 30th 2017, he will sell his property and pay me what I'm owed. What should this document lol like to safeguard my rights ?
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