Are you considering seller financing for your Florida business sale? Many owners see it as a shortcut to closing, but one overlooked clause can turn your investment into a liability. Florida law is clear: to protect your lender rights, you must secure your interest with a written mortgage or promissory note. Fla. Stat. § 697.01 mandates that any agreement creating a lien must be in writing and properly executed.
But documentation alone isn’t enough. If your contract lacks clear default remedies or fails to outline foreclosure procedures, you could lose your collateral or face expensive litigation. Under Fla. Stat. § 702.01, foreclosure actions require strict notice and timeline compliance. Miss a deadline, and your enforcement rights may evaporate. Many business owners skip due diligence—like verifying buyer credit, recording the mortgage, and specifying payment terms. These mistakes can cost you both sleep and assets.
To stay protected, structure your deal with enforceable terms, deadlines, and remedies. Record the mortgage, monitor payments, and act quickly on defaults. Our firm routinely helps sellers avoid costly pitfalls by drafting contracts that stand up in court. Don’t let a handshake deal jeopardize your business legacy. Consult a Florida business attorney before you sign.
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Disclaimer: This content is for informational purposes only and does not constitute legal advice, and laws and legal interpretations may change after the date of publication.
Written by:
Gil Sánchez, Esq.
CEO | Civil Trial Attorney
Black Rock Trial Lawyers
Abogados Law
