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View Full Version : Taking possession of property after buying


oscarculp
Aug 17, 2007, 09:37 AM
I bought 5 acres of property from owner before foreclosure. He wanted to buy back 2 1/2 acres because he thought he could afford that. I agreed with him & he needed a few days to get the money for closing & 1st payment. He said it was taking longer to get the money & needed more time. I told him Ok if he would make payments per month & this would be payments on the purchase. He made 1 payment & has been there 3 months & can't afford to buy the place. I want him off the property & gave him notice to move by the 1st of Sept, This will give him time to move his horses or sell them. Do I have to give him any other notice or can I have him evicted on the 1st if he doesn't move.

rockinmommy
Aug 17, 2007, 09:58 AM
Was any of your coorespondence with him in writing? Did you have a written contract for him to purchase back the 2.5 acres?

ScottGem
Aug 17, 2007, 10:03 AM
I'm a little confused here. You bought 5 acres from John Smith who was facing foreclosure. What was on those 5 acres by the way? Now Mr Smith says he would like to buy back 2.5 acres of it.

What I'm wondering is what happened to the money you paid Mr Smith for the property. Did you pay just over what was owed to the bank?

Anyway, you enetered into an agreement with Mr Smith to sell him the 2.5 acres. Was this agreement in writing? Did Mr Smith have to obtain financing or where you going to finance it yourself?

Now Mr Smith has not upheld his end of the agreement so you want him to vacate. What does he need to vacate besides the horses?

Since this is commercial property, not residential, there may be some other rules that apply. But you can certainly give him notice to vacate. The amount of notice would be dictated by local laws. If he fails to vacate in that time, then you will have to go through formal eviction.