My husband and I entered into a land contract 1 year ago. We have since found some pretty costly things wrong with the house and don't want to buy the house. It doesn't say anything in the contract about how to get out of it and whether there are any penalties to exiting the contract. What are your thoughts on this. They also stated verbally that there were some things they would fix, but I didn't see until recently that in the contract, the house is as is. Which obviously means that they are not legally binding to fix them. What do I do?

Welcome to AMHD. Does the contract specify a term, such as 12 months, or one year? You would have to provide the owner/seller with some type of notice, and develop a plan of renting or leaving.

The only mention of time in the contract is that we will have the deed in our name no later than 2013. We will of course give them a 60 day notice or better.Thank you

A contract is not like a lease, there is no notice to go into default really there.

Most have some terms, like if you go into default ( don't make payments) it will convert over to a month to month rental. That is fairly standard.

But if you merely stop paying, normally you of course lose any down payment, and they resale the house.

Sounds like you did not do a home inspection by a professional.

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Originally Posted by suzeemomoffour

The only mention of time in the contract is that we will have the deed in our name no later than 2013. We will of course give them a 60 day notice or better.Thank you

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Your contract may lack terms that make it enforceable, so that you can just walk away. I can't imagine a land contract for lease or sale that doesn't specify the term of the contract. Sometimes, you just do what is reasonable. Sounds as though you and the owner are on good terms, so just try to be fair.