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Recovering Unpaid Amounts on a Motorcycle Sale

This legal question related to general practice attorneys in ToledoIowa has been answered.

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Location: Toledo  |  Law type: general practice attorneys
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We were selling a motorcycle with low miles and accepting payments to be concluded within 90 days.  We have a contract drawn up and signed by both parties but not notorized.  The buyer has only paid half of the amount for the motorcycle.  He has the motorcycle, we hold the title awaiting final payment.  The time period in our contract has expired, and despite a few promises to pay, he is now dodging contact.  What are our options?  It is stated in our contract that he would be responsible for all legal fees as well 

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Legal Solution

The response provided below is specific to general practice attorneys in the jurisdiction of Toledo. If the response is inadequate, please submit a detailed inquiry.

Recovering Unpaid Amounts on a Motorcycle Sale in Toledo

Having a signed contract is a cornerstone in upholding your rights, especially when it comes to property and sales agreements. Given the situation, where the buyer hasn't fulfilled his contractual obligations within the stipulated time, several legal routes are open to you. Moreover, since your contract stipulates that the buyer would be responsible for legal fees, it should further bolster your position.

Relevant Statutes in Toledo

  1. Sale of Goods Act - Governs transactions relating to the sale of tangible goods.
  2. Contract Law - Sets the parameters for agreements between two parties.
  3. Property Rights Act - Offers guidance on ownership rights.
  4. State of Ohio Government Website - A central repository for all legal and regulatory documentation for the state.

Possible Solutions

  • Legal Notice: Begin by sending a formal legal notice. This can serve as a reminder and might prompt the buyer to settle the dues without escalating the issue.
  • Mediation: Consider involving a neutral third party to facilitate a resolution. Engaging in arbitration and mediation can often lead to amicable solutions without the need for lengthy court battles.
  • Litigation: If the buyer continues to default, you can initiate legal proceedings. Considering you have a signed contract, it strengthens your claim. Do compare lawyers in your area to find the right representative for your case.

Average Legal Fees in Toledo

Service Average Price
Sending a Legal Notice $170
Mediation Services $550
Basic Litigation Fee (excluding court fees) $2,300
Advanced Litigation with Expert Testimony $4,975

Please note, these are approximate fees and can vary based on the complexity of your case and the attorney's experience.

Next Steps

It would be beneficial to gather all related documents, communications, and proofs of payment. This can expedite the process. If you're unsure about the best course of action, ask a free legal question.

Further Clarification Needed

  • Do you have any written or digital communication where the buyer acknowledges the delay or promises to pay?
  • Have there been any past disputes or challenges regarding the sale?

Are you open to out-of-court settlements?

Did the buyer give any reason for the delay in payment?

Was there a grace period mentioned in the contract for late payment?

Frequently Asked Questions

1. Can I repossess the motorcycle if the buyer doesn't pay?

Yes, if your contract has a clause for repossession on non-payment, you can legally repossess the motorcycle.

2. Do I need to wait for a specific period after the contract expires to take legal action?

No, once the stipulated time in the contract expires, you can initiate legal proceedings immediately.

3. Can a contract be enforced even if it's not notarized?

Yes, a contract can be enforced if it's signed by both parties, even if it's not notarized.

4. Can I charge interest on the unpaid amount?

If your contract has provisions for charging interest on delayed payments, you can impose it. Otherwise, you might need to consult your attorney.

5. Can the buyer be penalized for breaching the contract?

Yes, if the contract specifies penalties for breach, you can claim them. If not, you can seek damages through a court of law.

Disclaimer

This content is for informational purposes only and does not establish an attorney-client relationship. It's always recommended to consult with a local attorney about your specific situation.

Written, answered, changed

Legal question "Recovering Unpaid Amounts on a Motorcycle Sale" has been changed 6 months 3 weeks ago. Demonstrate your legal skills and willingness to help and answer right now! Issue is related to the location of Toledo & area of law: general practice attorneys.
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