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    mrjgloryb2god's Avatar
    mrjgloryb2god Posts: 1, Reputation: 1
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    #1

    Aug 7, 2007, 11:13 AM
    Contract for deed
    I have a contract for deed on a house for 105,000, I put down 7,000 and pay 1,245.00 a month, I have paid this amount for the last year. When we first decided to get the house it was renting for 950 a month but when they seen we were looking to buy they talked my husband into paying 1245 a month 950 rent and 200 for insurance and now that is has been a year and we are still not ready to buy they are trying to go up on the price of the house and get him to sign a new contract should he sign and can they do that? We are located in Houston, Texas. The contract does not give a certain time frame to buy. What should we do?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Aug 7, 2007, 11:23 AM
    Do NOT SIGN ANYTHING. Get a lawyer to look over the contract.

    I am bothered though by the lack of a time frame. If you are in a contract to buy then at some point you have bought. You gave a $7K down payment which left a $98K balance. Even at $950 (figuring the balance goes towards insurance) you would pay off the balance after 104 payments.

    Usually a contract for sale specifies that, after x amount of payments the house is yours. Either that or it gives you a time frame to get your own financing. So I suggest you take the contract to a real estate atty and find out when you will own the home or what you have to do to own it.

    But the seller cannot change the terms on you.
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