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I sold my business on contract. The persons that have the ...

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I sold my business on...
I sold my business on contract. The persons that have the business make monthly payments to me. They also pay rent to the same landlord that I rented from. Aparently I owed this landlord money from some tax bills that did not get paid and some rent payments that were missed when I was under the weather for several months. I need to be able to download the perfect legal document for the state of Illinos that would authorize the person making payments to me . To deduct an amount per month to pay off the debt I owe the lanlord I owe and that they pay rent to.
Submitted: 9 years ago.Category: Business Law
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Answered in 6 hours by:
6/4/2008
Business Lawyer: Jane Doe Deer, Attorney replied 9 years ago
Jane Doe Deer
Jane Doe Deer, Attorney
Category: Business Law
Satisfied Customers: 3,896
Experience: Atty since 1986. Real estate, tax, and other business law questions
Verified

Thank you for contacting Just Answer.

I want to make sure that I understand you correctly.

I'm going on the assumption that you want to know how to get the people paying you to deduct money from the payment to you and send it to the landlord instead.

For example, if you want to pay the landlord $50 a month, and the buyers currently pay you $200 a month, you want them to start paying you $150 per month and send the other $50 to the landlord.

Why? Can you not be trusted to send the landlord a $50 a month payment. You're probably picturing that your method is easier for you, but it's not a good idea. You lose control that. What if the Buyers tell you they're making the payments for you, but they really don't. Then you still owe the landlord the money AND you're out $50 a month.

Well, instead, retain control but make it easy like this:

Deposit all the checks you get from the buyer into your bank account. Ask your bank to electronically pay the landlord each month. If you do this, you will need to find a way to remember to write it out of your checkbook each month.

Or, run 12 envelopes addressed to the Landlord through your printer. Stick stamps on them. Put dates on each one, on the edge: 6/1; 7/1; etc. Each month, write a check, stick it into the envelope, and mail it. Keep an accounting of how much you've paid the landlord each month.

Well, I got a little carried away there. LOL.

Anyway, there's no "perfect legal document" and even if there were, I'd recommend you don't do this.

If you need financial help, you get hire a represenative payee to collect money for you and pay all your bills - it's about $50/mo or less for this service.

Cheerio,

Jane

 

Best of luck to you.

Please click "ACCEPT" to pay my stipend.

Click "BONUS" if did a really great job and/or want to help me feed the deer where I live (see my picture). A 50-lb bag costs $9.00 and feeds a small herd for 4 days.

Click "FEEDBACK" and I win points.

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Jane Doe Deer
Jane Doe Deer
Jane Doe Deer, Attorney
Category: Business Law
Satisfied Customers: 3,896
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Experience: Atty since 1986. Real estate, tax, and other business law questions

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