Ask Experts Questions for FREE Help !
Ask
    suzeemomoffour's Avatar
    suzeemomoffour Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Mar 3, 2009, 01:43 PM
    Land contract
    My husband and I entered into a land contract 1 year ago. We have since found some pretty costly things wrong with the house and don't want to buy the house. It doesn't say anything in the contract about how to get out of it and whether there are any penalties to exiting the contract. What are your thoughts on this. They also stated verbally that there were some things they would fix, but I didn't see until recently that in the contract, the house is as is. Which obviously means that they are not legally binding to fix them. What do I do?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
    		  
    #2

    Mar 3, 2009, 10:39 PM

    Welcome to AMHD. Does the contract specify a term, such as 12 months, or one year? You would have to provide the owner/seller with some type of notice, and develop a plan of renting or leaving.
    suzeemomoffour's Avatar
    suzeemomoffour Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Mar 4, 2009, 05:39 AM
    The only mention of time in the contract is that we will have the deed in our name no later than 2013. We will of course give them a 60 day notice or better.Thank you
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #4

    Mar 4, 2009, 06:21 AM

    A contract is not like a lease, there is no notice to go into default really there.

    Most have some terms, like if you go into default ( don't make payments) it will convert over to a month to month rental. That is fairly standard.

    But if you merely stop paying, normally you of course lose any down payment, and they resale the house.

    Sounds like you did not do a home inspection by a professional.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
    		  
    #5

    Mar 4, 2009, 07:39 AM
    Quote Originally Posted by suzeemomoffour View Post
    The only mention of time in the contract is that we will have the deed in our name no later than 2013. We will of course give them a 60 day notice or better.Thank you
    Your contract may lack terms that make it enforceable, so that you can just walk away. I can't imagine a land contract for lease or sale that doesn't specify the term of the contract. Sometimes, you just do what is reasonable. Sounds as though you and the owner are on good terms, so just try to be fair.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Land contract [ 2 Answers ]

Can you get someone out on a land contract quicker if they break rules of your contract. If not, what would we need to do to get them back onto a rental basis, which I take it is easier to evict.

How to get her out on a land contract [ 3 Answers ]

Is there any way to get a person out on land contract quick? She is constantly late on rent money, she still has not paid for this month, she changes her number all the time so we are unable to contact her, she just is horrible. We need her out.

Land contract [ 5 Answers ]

I have a person in a very small town that has learned how to sell property on land contract. He has created a system that he sells run down property to people who never intend on buying the property, but just want to rent. He gets a sizeable down payment and then each new home owner takes on the...

Land contract [ 6 Answers ]

I'm in a land contract that states it's a month to month landlord tennent relation does that mean I give him 30 day notice to leave and that's it?I can no longer afford the payments here and have to move

Getting out of a land contract [ 2 Answers ]

Me and my husband got a modular home on a land contract (without the land its in a park) we filed bankrupt a year and half ago but continued to make payments but now we have an offer to get a real house and we want out of the house we are in but they are saying we own it. But how do we when we have...

View more questions Search