Re: land contract.. I messed up!

More | Report Post

Dan, land contracts are always a big risk for both parties.
I ALWAYS advise against them unless there is no other
resort. No one on this board can answer your questions
better than your attorney can. if you don't understand
something, ask your attorney to explain it in a different
way. that's what you're paying him/her for. In basic
contract law, the contract must be performed by the time
stated. However there are exceptions that will extend the
contract like accord and acceptance, partial or substantial
performance, etc. Also, the laws governing land contracts
vary from state to state. the contract you two drew up may
not be sufficient to be legally enforcable or you may have
put things in there unintentionally that give him an edge.
only your attorney who has seen the contract and knows the
laws of your state can explain this sufficiently to you. And
even if he defaulted on the contract you still have to go
through court to get him out if he won't leave.
On 1/17/07, dan wrote:
> well, first let me say I mesed up! I did NOT hire an
> attorney in the beginning ( before the sale) or I probobly
> would not be here now! I sold my home under a real loose
> contract with a 6 month ballon pmt. ( all was to be done in
> 6 months) He put a decent amount down, and then put a good
> sized amount into the place too,( even though it did state
> NO IMPROVEMENTS in the paper), So I am not really too sure
> why He won't at least sign an extension as I offered one to
> him as one of my last choices.. anyway.. I could go on and
> on with all the details but my question at hand is.. I just
> hired an attorney to go forth with getting him out. That
> was my last choice as I really just wanted to be done with
> the house.. I guess I am still being hopefull that he would
> come through with financing, and had mentioned that I
> should sell him the home and land NOW for MORE as it IS
> worth more, I paid dearly for all these legal expenses,
> etc.. He said I CAN'T. The contract is binding! (?) I
> figured this contract to be good from june 06 to nov 06
> like it stated and it now has no bearing on anything else.
> He defaulted and ruined the contract! What do you think? I
> am going forward with my legal counsel, I just want to make
> sure I have one up on this stuff..
>
> thanx! dan