How to enforce a promissory note on a real estate transaction

UPDATED: Sep 30, 2022

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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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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