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Contract for deed- defaulting
This is what my Agreement for Deed states:
If any installment payment from buyers becomes more than 30 days past due,or if buyers fail within 30 days from date of acceleration is mailed or personally served, to make payment of all amounts due as so accelerated. Seller may then be hereby authorized to treat this Agreement at an end and re-enter and regain possession of premises as if this agreement had not existed and treat all payments made buy buyers hereunder as rent and as agreed fair liquidated damages. Now, my question is, We want out of this contract... in reading this I take it as if we become past due 30 days, we can just walk away from this contract and what we have paid as payments is done and we are just out the $$$ we have invested. Am I reading this right? :confused: |
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So down a bit and give us more info. Is this a home purchase and what other documents were signed at closing? The post appears to say that "may then be hereby " That word may could be a sticking point. They may see other options also. Was there a secured loan or mortgage involved?
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A contract for deed is just that, there is no mortgage, no closing, no loans, it is a contract where the buyer will get a clear title at the end of the contract period. In most as noted if you default, it reverts to a rental. They can come back after you normally for any amount you are behind, so if you are 30 or 60 days behind.
But many people, ( like myself) who sells homes on contract expect and even want you to default that is how we make our money by selling that same house over and over and over. Normally you just need to contact the owner and tell them you would like to void the contract and they will be happy to. |
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Originally Posted by ballengerb1
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