Legal Question in Real Estate Law in California

Land

I sold a vacant lot last year to a contractor and carried half the loan for him at a set interest rate for a year. Well, the year has pasted a few months ago and still waiting on at least one payment from the contractor, he did pay half of the property at the close so i do have that money, but he still owes me the rest. Any idea how to go about recovering the property or payments, and how much of the down payment must i give back.


Asked on 9/03/08, 5:52 am

2 Answers from Attorneys
Daniel Bakondi The Law Office of Daniel Bakondi

Re: Land

Well, if you did everything right (using a lawyer like I always advise people should have) then you should have the right to follow procedure and foreclose on the property. If you did not, well then it depends on how you did it. You may have to go to court to be able to foreclose, or, you may only have contractual remedies - I cannot tell until I see how you did it.

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Answered on 9/03/08, 10:52 am
Judith Deming Deming & Associates

Re: Land

Assuming you got a deed of trust secured by the property, then take it to a trustee to commence a non-judicial foreclosure..most title companies have affiliated foreclosure services and there are many independent trustees in the phone book. If you did not get a deed of trust, then you will have to file suit. Under NO circumstances are you required to return the down payment.

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Answered on 9/03/08, 1:31 pm


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