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    applecreek lady's Avatar
    applecreek lady Posts: 1, Reputation: 1
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    #1

    Sep 8, 2009, 11:34 AM
    Land contract
    Bought house on land ccontract owner agreed we could renew our contract yearly our payments are not behind have always been on time now wants us to move is this verbal contract legal
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Sep 9, 2009, 07:36 AM

    Hello:

    In real estate, if it's NOT written, it CAN'T be enforced. If he's taking your money, though, I'd move and sue him in small claims court.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Sep 9, 2009, 02:28 PM

    There is no "verbal" agreement for purchase of property.

    If you have a one year contract for deed, with a ballon at the end of one year, if you can't pay it in full, then you breach the contract and they may change this normally to a rental agreement and ask you to leave with proper notice.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Sep 9, 2009, 02:59 PM

    What were the terms of the original contract? Was it one year and then a balloon payment or what?

    If it was and you did not make the balloon, then you breached the contract. Go back and read the contract as to what happens if you default.

    Unless you can provide corroborating evidence that the owner agreed to extend the term until you were able to pay the balloon or until the balance was paid, then you defaulted on the contract and it probably reverted to a rental lease.
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