Ask Me Help Desk - Bad land contract?

Well, I know.. if I FIRST got an attorney involved.. but I did not. I NOW have one though..
Trying to condense.. I sold my home on a 6 month land contract. 10,000 down, 1000 a month ( mort. Pmt) then in 6 months to obtain financing and close... well he pretty much paid me even the 6 months pmts, (late but pd) now he will not even return any calls etc! ( it was to be closed in NOV 06) I really still just want the deal to go through.. I even offered him an extension.. did not hear a thing from him.. on top of all that, he has done like 20,000 in improvements to the place even though it clearly states not to in the contract. According to my attorney, I cannot obtain more for the house unles it was in the contract to get back atty fees etc? My thinking is that the contract is long void, along with the purchase price, and if he DOES come through and want to buy it still,( which I can only imagine he does, with all he has put in it) I can tell him the new price is now (more) and recoup some of my expenses.. what do you think?

Sounds like you have several breech of contracts, from what you described. If so, then you should be able to force a new contract since the buyer broke the first contract ( the improvements and the timeframe that refinancing was required). I'm not an attorney, and you need to speak with yours... But from what I can see in what you stated, the first contract would be void. If that's true all monies, downpayment, monthly payments, and money put into improvements would be forfeit. Then you can force a new contract. Of course you could raise the price to recoop your losses (which I'm assuming are primarily attorney's fees?). Again, talk to your attorney on this. This is just my opinion based on what you asked, and should not be taken as legal advice.

Good luck!

Quote:

Originally Posted by 67electraglide

well, I know.. if I FIRST got an attorney involved.. but I did not. I NOW have one though..
trying to condense.. I sold my home on a 6 month land contract. 10,000 down, 1000 a month ( mort. pmt) then in 6 months to obtain financing and close.... well he pretty much paid me even the 6 months pmts, (late but pd) now he will not even return any calls etc! ( it was to be closed in NOV 06) I really still just want the deal to go through.. I even offered him an extension.. did not hear a thing from him.. on top of all that, he has done like 20,000 in improvements to the place even though it clearly states not to in the contract. according to my attorney, I cannot obtain more for the house unles it was in the contract to get back atty fees etc? My thinking is that the contract is long void, along with the purchase price, and if he DOES come through and want to buy it still,( which I can only imagine he does, with all he has put in it) I can tell him the new price is now (more) and recoup some of my expenses.. what do you think?

So whose name is the property currently in? This doesn't sound to me like a land contract. You have defined a lease option. I need to know who is on the deed. Him or you? You said he put in about $20,000 in inprovements. What percentage is this of the total value of the house? Just these questions should head your attorney in the right direction. Ideally you will tell me that the house is still in your name. Then we can move forward with the discussion.