Ask Experts Questions for FREE Help !
    tafoote17's Avatar
    tafoote17 Posts: 23, Reputation: 3
    New Member

    Jun 9, 2006, 08:49 AM
    Contract for Deed again
    I don't understand.
    We own 20 acres. There is another 20 acres next to us that our neighbor wants to sell. They are asking way more than the value. So we did some research and found out that it is a contract for deed. We contacted who the deed is with and he said he will sell the property to us for what is owed by our neighbor living there. That person has not paid for several years. They are being served papers soon hopefully.
    Once they are served do they still have the right to sell the property?:confused:
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member

    Jun 9, 2006, 09:27 AM
    The lienholder will prepare, or have an attorney prepare an Affidavit Of Forfeiture, which will be recorded and then delivered to your neghbor, who is in default. The percentage (determined by original purchase price) of equity that your negbor has in the property will determine the length of the forfeiture period. Your neighbor has this time to cure the default plus pay any Forfeiture/ legal fees incurred by the seller. During this period, I believe that your neighbor can sell the property to a third party, provided that the seller get any money due him. Check your state statute regarding Contract For Deed/Land Contract and it will give you all the details. Check your local public records for a copy of this Contract For Deed, and it might give you some idea of how long the forfeiture period might be.

    I am not a lawyer, but I think my advice is close enough for horseshoes and hand grenades.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692

    Jun 9, 2006, 12:14 PM
    They will have to be served and evicted, until the entire legal process ( a few months) is over, the land is not free to buy. And of course the fact he let them stay for a couple of years not paying can really cloudy up the legal issue if they want to fight it.

    And if you buy this type of property, buy title insurance for sure to protect yourself if they come back in a few years and sue for a lien on the property.

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!

Contract for Deed, Please Help! [ 5 Answers ]

I have a situation, and could use some solid advice. I own a 2-family house in Missouri, and have been living in it for two years. I re-financed it last year, pulling cash out of equity. I now owe more on the house than I could hope to get in a *quick* sale. I plan to move to Texas in the next...

Contract for Deed [ 1 Answers ]

Under a Contract for Deed is the deed owner responsible for repairs while the house is being paid off.

Contract for deed [ 3 Answers ]

Selling and wondering what steps to take over and above my realtor? Thanks

Contract for Deed Problems [ 2 Answers ]

We purchased a home on contract for deed one year ago. I lost my job, and we knew we were unable to make the payments without my income. We contacted the owner, expalined the situation, and asked her if she would just take the house back. She said she would have to come inspect the house, and we...

Contract for deed [ 2 Answers ]

Is there a way to stop the person who is living on the property from selling it. We are buying it from the deed holder, but he says they can sell it out from under us so to speak.

View more questions Search