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    katpow's Avatar
    katpow Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 9, 2011, 08:07 PM
    Breaking a contract for deed
    My fiancˇ and I built a house with a builder on a contract for deed. We are set up for 2-3 years CD. We have lived in the house for 17 months now, but we are breaking up. Neither one of us can afford to keep the house on our own. We have put down the whole down payment when we moved in along with doing a lot of work on the house and landscaping. What are our rights and will this effect our credit rating? Do you have any other or better suggestions?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Nov 9, 2011, 08:12 PM
    To determine your rights, read your contract. What happens if you renege on the contract should be spelled out in the contract.

    Usually, it means that the contract reverts to a rental lease and you forfeit everything you have paid.
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