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Get out of land contract
My husband and I are stuck in a land contract. We are wanting to move out of our terrible neighborhood but we got stuck in a house that is falling apart and we don't have the finances to fix up. Do we have any options in trying to get out of this contract?
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Most contracts for deed have a default clause. If you default under the contract, the contract becomes a rental lease and anything over and above the rent is forfeit. You can generally give 30 day notice to the seller that you are defaulting and walk away. You need to read your contract to see if there are any other penalties for defaulting. |
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Unless you have "equitable Interest" clause... where you have paid enough to have invested in this property. In some land contracts, most standard ones, actually, the clause reads that should that amount have been reached, if you default, the seller has the right to view as a prommissory not i.e. a "mortgage" and can file foreclosure on you for the total amount yada yada. Read your contract. |
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