What happens if a buyer defaults or falls behind with repayments? | Seller Financing 101

What happens if the buyer defaults or falls behind with repayments. So the big ones there are in most scenarios, you can repossess the assets, depending on how the seller note is worded and how you term that, but you can actually repossess the business if they default on their payments and they're no longer adhering to the agreement. Also, legal action as well, you can apply legal pressure because you do have a legal agreement that they are to be making these monthly payments or quarterly payments because they bought the business from you. So you do have that as an option. Other things you can add in late fees. You could have the ability to accelerate the clause as well. So.