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24heather · Mar 16, 2009, 07:50 AM

I have been paying on the contract for deed on time every month for five years. We have noticed that some of our payments that we give to the man we are buying the house from has not been being made to the bank. We want out of the contract but we have made several to get someone else in the home and to take over the contract but he is not willing to do so as well as buy out of the contract but will not do that either.What can I do to get out of the contract for deed that has been notarized and signed by us to pay in full?

excon · Mar 16, 2009, 07:56 AM

Hello 24:

A contract for deed, should say that if you default, you become a tenant.

So, you should either default and give him 30 days notice, or you should sell your contract.

excon

ScottGem · Mar 16, 2009, 07:56 AM

First, notarization has nothing to do with anything.

Second, your post is unclear there seems to be sentences missing. If you are buying a house on contract, then you make payments to the seller. Where does a bank come into play.

Third, why do you want out? You can usually get out of the contract, by terminating it and moving out. But you will forfeit anything you have paid up to then.

24heather · Mar 16, 2009, 08:11 AM

I am buying the home from a gentlemen that the house is under his name but the bank still owns the property,it has not been paid off. We took over the payments on his loan.The payments are made to him every month.The contract states that we have to pay the loan off in full before we can move or sell the property,as well as being legally responsible for the property.My question is can we get out of the contract without being penalized or sued by the owner do to his negligence on not making our payments when payment has been given? The home is still in his name.

ScottGem · Mar 16, 2009, 11:59 AM

Is the loan in arrears? Can you make arrangements to pay the bank directly?

Whether you can get out of the contract depends on the wording of the contract. You need to read it carefully, especially any clauses that spell out the seller's responsibilities and what happens in case YOU default.

Without knowing what the contract says we can't tell you anything for sure.