I am trying to find laws on Ohio land contract default by buyer.We were the buyer and husband got a job out of state.We paid all rent on time-tried to work out deal with owners(3 months before leaving)on putting th ehouse on market or re-renting it to someone else.They did not want to help at all.My question is what can they legally do?Ive read in the Ohio codes they can sue for damages(there were none).I am a little fuzzy on the rest-we left peacefully but contract states forfeiture(which we lost money down-thats fine) but also they can claim balance due in full.Does anyone have the facts?
THank you
Memphistn7

Its not what the law says its what your contract says. The contract should state what would happen if you default.

Thank you.I can give you the nutshell version.Sellers may recind contract to convey and sell-sellers will keep all payments as rent-They may take possesion-30 days to buyerssame as if this contract has never been entered into OR they may declare all money due.
So that's what scares me.. thanks again...

Yes it all depends on your contract, was this a rent to own, or a contract for deed, they are different, if you were paying rent, you did not have a contract for deed, there you make a house payment.

But you are obligated to the terms of the contract. If you are held liable for the contract, if you default, they resale and if they sell it for less, you could be held liable for the loss.

BUT normally the contract will say if you go into default, the contrract changes to a rental, you lose all of your money paid, but then do not owe anything but damges.

Thank you-It is a Land Installment contract..

Should I retain an attorney or wait for legal papers?
Thanks again..

First, just read the contract and see what it says about default.

Thank you so much... THis is what it states in the contract-
"Sellers may recind contract to convey and sell-sellers will keep all payments as rent-They may take possesion-with 30 days notice to buyer same as if this contract has never been entered into OR they may declare all money due. " That's about it as far as the default clause..
Thank you so much!!

OK so how long ago did you move? That clause does say they could declare the total amount due and payable. So we need to know timing.

We moved out just about a month ago.Contracts states what I posted above plus-"Failure to delay or exercise this option shall not oerateas a wavier of right to exercise opton to recind or declare balance due."
It does state chapter 5313 of Ohio revised code(which I looked up)-and that's where I got lost-we haven't paid 20% on the contract but we have paid fair rental value(if it reverts back to rent -So since we didn't have 20% invested will it be recinded or how does Ohio handle that or is it on each individual contract?That's why I was curious about hiring a lawyer.I went to one attorney(not real estate) and they said ignore the whole thing-"you'll be out of state etc.." Now IM wondering if I need a real estate lawyer??
Thanks a million-I feel a little better...

I would just let it lay. IF they declare the total due and payable, then you can hire a laeyer. But most likely they will just take the deposit you paid and resell it.

Thank you-You just reaffirmed what the first lawyer said.Its just oh fear of the unknown.. But I will feel better with you and the attorney telling me to ignore..
Thanks again-great help!

If we just let it lay -will the recorded contract go back into their name without myself signing anything?

If they recorded the contract, they can declare it in defualt voiding it. They don't need your signature.