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I purchased a business on contract, is the person who sold…

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I purchased a business on...
I purchased a business on contract, is the person who sold me the business obligated to supply a statement every year of interest paid, loan balance etc.
Submitted: 2 months ago.Category: Legal
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Answered in 4 minutes by:
3/29/2018
Lawyer: INFOLAWYER, Attorney replied 2 months ago
INFOLAWYER
INFOLAWYER, Attorney
Category: Legal
Satisfied Customers: 62,315
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Not necessarily. But would normally be part of contract terms so if included, yes!
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Customer reply replied 2 months ago
My agreement had a 5% percent annual interest. What do I need to ask the seller for...a form 1098?
Customer reply replied 2 months ago
Also, are they required to give me yearly statements on payments, etc. I am at the end of a contract and the seller payoff numbers differ from mine. He has told me read my contract and figure it out, his numbers are correct and will not supply detailed information.
Lawyer: INFOLAWYER, Attorney replied 2 months ago
detailed records of all financials. No reason not to obtain them.A lawyer letter from a local lawyer can be effective in several ways. It can avoid costly litigation and help bring about a settlement. It also helps organize the claim and if it goes to court shows the judge you tried in good faith to resolve it!By being prepared and pressing your claim, the other side should feel the pressure and consider the risk of losing and legal fees. That realization can help bring about a settlement!
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Lawyer: INFOLAWYER, Attorney replied 2 months ago
Applying a little pressure when your demand is reasonable can help.
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Lawyer: INFOLAWYER, Attorney replied 2 months ago
Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Lawyer: INFOLAWYER, Attorney replied 2 months ago
Awaiting your reply, thank you!
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