Legal Question in Real Estate Law in Indiana

Re: land contract

In Indiana, land contracts are in the gray zone between mortgages and leases. In the early stages of the contract, they are similar to leases in that the owner can "evict" the purchaser with ease (and the purchaser forfeits its payments). Later in the purchase period, after the purchaser has paid a more substantial amount toward the purchase of the home, the purchaser acquires rights to the real estate that are similar to a person whose property is subject to a mortgage. In other words, to obtain possesion of the home, the seller MAY need to resort to a judicial foreclosure to "evict" the purchaser. Where your sale stands in this spectrum will depend on an examination of the facts. This is the just the general picture. If you need legal advice for your particular situation, we are able to provide it subject to, among other things, our completion of a "conflict of interest" check to make sure we do not any legal relationship with the purchasers here.