Canceling Contract For A Restaurant Sale…?

Hello I’m asking this for my sisters law.. She recently sold her restaurant to some one they had come to a verbal agreement at first to sell it to the lady at 78,000 paid in full.. The lady wrote up a contract where she stated she would give her 20,000 for the restaurant and 1,000$ payments for 2 years to pay it off but they never agreed to do it in payments I don’t know why she did not read the contract before signing it but it is signed and stamped by a notary.. With that contract the lady feels like she in now the owner of the restaurant and does not allow my sisters law to interfere with any thing of the restaurant when the restaurant is still under her name and and the hard liquor license is too as well as the lease.. Is she able to cancel that contract since it was between them two it’s been about 7 days since the contract was signed.. And completely back out on the sale?? Please help out we’re worried she is trying to rip us off thank you for you help..

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2 Responses to “Canceling Contract For A Restaurant Sale…?”

  1. Janella says:

    your sister’s options are- pull the liquor license, and terminate the lease. it is too late to cancel the contract. she also needs to get her name off the utilities.

  2. falsi fiable says:

    Sigh! Your sister just sold her $78,000 business at a 75% discount.
    Your sister’s attorney and/or real estate agent should be writing the contract, NOT the buyer.
    By not hiring the right people, your sister probably lost $50,000.

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