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Can a previous owner who is selling me a business just take it back?

Question Details: I have bought a business with the previous owner financing it. I got into a bit of a mess and got behind on the rent of the building not owned by the same person. They are a co signer of sorts on the lease. For the past 4 months I have been busting out and caught up $1400 of the $1600 I owe. The previous business owner who I am still paying is claiming that she can come back in and take it back from me the same day. Is she correct?

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