Ask Experts Questions for FREE Help !
Ask
    memphistn7's Avatar
    memphistn7 Posts: 8, Reputation: 1
    New Member
    		  
    #1

    Dec 9, 2007, 07:22 PM
    LAnd contract-OH default
    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
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Dec 9, 2007, 07:42 PM
    Its not what the law says its what your contract says. The contract should state what would happen if you default.
    memphistn7's Avatar
    memphistn7 Posts: 8, Reputation: 1
    New Member
    		  
    #3

    Dec 9, 2007, 07:50 PM
    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...
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #4

    Dec 9, 2007, 07:53 PM
    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.
    memphistn7's Avatar
    memphistn7 Posts: 8, Reputation: 1
    New Member
    		  
    #5

    Dec 9, 2007, 07:57 PM
    Thank you-It is a Land Installment contract..
    memphistn7's Avatar
    memphistn7 Posts: 8, Reputation: 1
    New Member
    		  
    #6

    Dec 9, 2007, 08:13 PM
    Should I retain an attorney or wait for legal papers?
    Thanks again..
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #7

    Dec 9, 2007, 08:22 PM
    First, just read the contract and see what it says about default.
    memphistn7's Avatar
    memphistn7 Posts: 8, Reputation: 1
    New Member
    		  
    #8

    Dec 9, 2007, 08:24 PM
    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!!
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #9

    Dec 9, 2007, 08:28 PM
    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.
    memphistn7's Avatar
    memphistn7 Posts: 8, Reputation: 1
    New Member
    		  
    #10

    Dec 9, 2007, 08:39 PM
    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...
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #11

    Dec 9, 2007, 09:01 PM
    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.
    memphistn7's Avatar
    memphistn7 Posts: 8, Reputation: 1
    New Member
    		  
    #12

    Dec 9, 2007, 09:07 PM
    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!
    memphistn7's Avatar
    memphistn7 Posts: 8, Reputation: 1
    New Member
    		  
    #13

    Dec 13, 2007, 09:37 AM
    If we just let it lay -will the recorded contract go back into their name without myself signing anything?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #14

    Dec 13, 2007, 10:09 AM
    If they recorded the contract, they can declare it in defualt voiding it. They don't need your signature.
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 Terms [ 3 Answers ]

Hello - I have been reading over some posts here at the site and thought I would throw this one out for discussion. I am looking at purchasing a cottage (Michigan) on the river using a 18 month Land Contract. The sellers Realtor send me the LC to look over before I make an offer. I was a little...

Land contract [ 1 Answers ]

Both my sister and I hv mortgages on our homes... She also wanted my home and I was ready for a change due to a divorce and do not need such a big home any longer... we owe the same amount on each mortgage so we want to swap houses... She has bad credit and cannot get another loan so we want to...

Land contract default by seller? [ 3 Answers ]

I am currently 3 years and 2 months into a 10 year land contract. The sellers contacted me last week and said they are getting divorced and want me to get a mortgage in my own name or they are going to put the house up for sale. I have paid $20,000 of $65,000. Is this legal for them to do?

Land contract [ 2 Answers ]

Hello, Before I got married, I had a land contract on our house through my mom who has no lean on the house. It's a 30 year contract but it only has my name on it. We now have kids and want to have her name on the contract as well. My mother also agreed to give us a better interest rate. She had...

Bad land contract? [ 2 Answers ]

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,...

View more questions Search