How to enforce a promissory note on a real estate transaction

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How to enforce a promissory note on a real estate transaction

We sold our house to a quick sell realty firm 9 years ago. Our
agreement was that we would receive 10000 on turning the property
over to them and the balance was to be paid not more than 5 years
afterwards. I have tried contacting the real estate firm several times
to settle but they have not contacted me back. What can I do?

Asked on February 18, 2017 under Real Estate Law, Georgia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

You sue them: that is how you enforce a promissory note and get payment to which you are entitled. You would sue them based on "breach of contract," since the promissory note is a contract. You would sue for the full amount due and unpaid under the note. Assuming that the balance is more than $10,000, you would certainly want an attorney to help you, especially if they are located out of state (suing out of state is procedurally more complex). There is no other way to collect the money other than suing.


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