[Mendy1970]

Hi! Purchased house on land contract in Indiana for two years. We were unable to obtain a mort loan at this time and the contract was up last week. We have not signed a new contract. He said we could stay here another year and sign a new contract however, since we have moved in we realized that purchasing this house would be a HUGE mistake... older house doesn't appraise for what he wants and lots of big ticket items need to be done.. windows, siding, new wiring, air and furnace replaced.

We already put $5,000 into replacing the roof!

My question is what is our legal obligations right now?

Can we give him a thirty day notice and leave since the original contract is up and we have not signed anything? No where in the contract does it state what happens if the land contract is defaulted on... we defaulty since we could not obtain a loan however, we have never been late on a payment and we paid for replacing the roof.

Can we get any of the money back for replacing the roof? Or any of the money back for equity we paid into the house?


Need answer asap Thanks!

[twinkiedooter]

Basically any money you spent on the roof is not reimbursable by the land/home owner at this point. You did sign a land contract and any downpayment monies and other monies you spent on fixing up the house or repairing it gets to stay with the land/home. You just threw your money away (basically) when you signed the contract.

And yes, you can give him notice that you are moving as you are now a month to month tenant under no further obligation to the contact.

Surprised the contract did not have any default clause in it.