Shady property owner

[TimCIHeadrick]

Washington. Heres the short story. We bought a coffee stand from a guy we'll call him shady. Shady owns the two buildings on the property 1. The coffee stand. 2. The small outbuilding for storage. Another person holds the deed to the whole property. Shady claims that his "recycling buisness" has an office at the property. He does receive mail at this address. Though no buisness is conducted on site what so ever. We bought the stand from shady and he carries the note. All payments are current. But he has defaulted in either paying his portion to bank for stand or the recycling business. He has been in contact with others trying to sell buisness out from under us. He has a lien against him on this property. Is there any laws that protect us from derelict?

 

[justalayman]

Yes, contract law, that is if you have a valid contract that proves your rights and your rights cannot be terminated as you suggest he is attempting to do.

While not impossible it is not the most common of situstions for the buildings to be seperate from the underlying land. Are you sure shady actually owned anything or that it was anything more than "the business" which may not include the building?

 

[adjusterjack]

Is there any laws that protect us from derelict?

I suggest you take all your paperwork to an attorney because it's impossible to tell what you got yourself into from just what you posted.

 

[quincy]

Washington. Heres the short story. We bought a coffee stand from a guy we'll call him shady. Shady owns the two buildings on the property 1. The coffee stand. 2. The small outbuilding for storage. Another person holds the deed to the whole property. Shady claims that his "recycling buisness" has an office at the property. He does receive mail at this address. Though no buisness is conducted on site what so ever. We bought the stand from shady and he carries the note. All payments are current. But he has defaulted in either paying his portion to bank for stand or the recycling business. He has been in contact with others trying to sell buisness out from under us. He has a lien against him on this property. Is there any laws that protect us from derelict?

TimCIHeadrick, could you please clarify a few things?

Is Shady leasing the property where the coffee stand is located?

If so, have you purchased the coffee stand business from Shady (making payments on the purchase) but you are not paying the lease on the property where your business sits?