Land Contract
We purchased a land contract home and found ourselves unable to get a traditional mortgage. Now the owner wants us to move. We placed 10,000 down on this property and been paying on the property for 4 years. Do we have any rights?
Land Contract
We purchased a land contract home and found ourselves unable to get a traditional mortgage. Now the owner wants us to move. We placed 10,000 down on this property and been paying on the property for 4 years. Do we have any rights?
Re: Land Contract
Dear Puchasers,
Yes you have rights and interests worthy of protection and pursuit. First, the terms of your contract will govern. Secondly, you obviously have vested interests by having paid significant sums of money.
Immediately seek the assistance of an experienced real estate Attorney to advise and guide you.
Good luck
Sincerely, J. Norman Stark
J. Norman Stark
J. Norman Stark , Attorney, Architect
17000 St. Clair Aveue
Cleveland, OH 44110-2535
Re: Land Contract
The terms of the land contract, combined with the purchase price, control your rights. What was your obligation regarding payment of the purchase price? Is the date past? What percentage of the purchase price have you paid?
If you have paid 20% or more of the purchase price, you rights can be terminated only by foreclosure. Otherwise, a forfeiture action can be brought against you if you have failed to pay as required.
If your time to pay the balance of the purchase price has not yet arrived, you have the right to continue the contract.
Robert Rosplock
Rosplock & Perez
4230 StateRoute 306 #240
Willoughby, OH 44094