I am in a land contract with myself and two other parties. (Property was purchased for this purpose) One party obtained the financing (which this was not me) while me and other party are paying our third of everything included in purchasing, including down payment, monthly mortgage, insurance, (you know everything). It's a 30 yr contract with deed to be delivered upon my completion of my obligation. But now financer is selling the property out of the blue. (We have been here 1yr. 7 mo.) Contract stated that we would have first option of buying out any party that wanted out so to speak. But other party and myself aren't able to get the financing to buy out the financer, and I understand that. What I was wondering are myself and other party entitled to any reimbursement of our money and labor costs that we put into property(several thousand dollars) for improvements ourselves if and when property sells? Also would we be entitled to any portion of monthly mortgage payments back? Thank you,

Welcome to AMHD. Doesn't the answer to all your questions depend upon the sale price? Just curious: how is the property titled? Can you provide more detail as to the improvements?

You are only entitled to what ever the contract says, I am surprised, most land contracts don't give the seller a right to sell

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Originally Posted by George_1950

Welcome to AMHD. Doesn't the answer to all your questions depend upon the sale price? Just curious: how is the property titled? Can you provide more detail as to the improvements?

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Property is titled to the one party who obtained the financing, (He had the best credit).We pay him directly each month and he pays the bank. Property was originally purchased with intent to be an equal 3 way split,(as in down payment, monthly mortgage payment, all insurances,taxes, and all improvements) All parties have the option to buy out whatever party that wants to bow out so to speak. It's a 30 yr mortgage and after that 30 yrs or after we meet our agreed upon third of price (whichever comes first) our name would go on title. The problem is the 2 parties don't have enough or good enough credit to obtain the financing needed to buy out the one who obtained the loan. The property is a house and a 3 unit appt building on the same property that cannot be separated because one well supplies both, and were told that they must stay together. Some of the improvements are new roofs down to the rafters on both buildings, some floor coverings, new parking lot sealer, removal of a lot of tile and replastering and a lot of painting, some light fixtures and more odds and ends. As far as the house goes (which I live in) I personally paid for all materials (except for roof) and provided all the labor for what is done so far. I was wondering if I am entitled to any of the cost for materials and labor that I personally provided on my own. Contract doesn't state anything about the sale of the property. Before purchasing everyone agreed to be in it for the long haul, and now less than 2 yrs later the financer wants out.

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Originally Posted by forkman

Before purchasing everyone agreed to be in it for the long haul, and now less than 2 yrs later the financer wants out.

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This is a mess. If you didn't incorporate, the answer is going to be found in the law of partnership, unless you got into this in another way. You and your pal may need to get legal assistance. I don't know if you can keep the other one from bailing out.

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Originally Posted by George_1950

This is a mess. If you didn't incorporate, the answer is going to be found in the law of partnership, unless you got into this in another way. You and your pal may need to get legal assistance. I don't know if you can keep the other one from bailing out.

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Thanks for trying to help. I have an appt with attorney tomorrow