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    skohn78's Avatar
    skohn78 Posts: 5, Reputation: 1
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    #1

    Apr 5, 2007, 01:31 PM
    Default on a contract for deed
    We signed a contract for deed on a business 11 months ago. The seller I guess has some prospective "buyer's" to buy him out. We now want out of the contract being that he his trying to sell the property. We don't want to deal with a "New" Seller if he sells. We "bought" out the pervious person who was leasing before we signed the contract for deed. We paid her almost $12,000 to "buy" her out and put $20,000 down on the Contract for deed. We have made monthly payments until March, and now April is due. We just want out of this contract, he sent us a Notice Of acceleration and gave us 30 days to pay in full what is owed. We just want out of the business and contract we signed with him. We have put over $100,00 into the business and are not making any money of the business. Can we just not pay our "rent" payments and he evict us and the contract is in default? Or are we facing a court battle if we don't pay "rent"? Also, when we "bought out" mthe pervious person who was leasing we paid her for ALL the property in the building, so WE as the buyers have all claim to the property in the building correct?:mad:
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Apr 5, 2007, 02:48 PM
    Most ( and you need to read yours) if you default you revert to a rental agreement. If you bought the "business" then the business is yours, unless you used it as security on the loan.

    You need to read the default provisions of your contract for deed.
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