Legal Question in Real Estate Law in Iowa
House sold on contract
My mother sold her house on contract 5 years ago. The final balloon payment is due 8/1/01. The buyer sent my 77 year old mother a certified letter stating she felt she was in breach of the contract. She claims we made repairs to hide a water leak. We visited the home and had no idea where this leak came from or that it existed. She (the buyer) feels we are not telling the truth and she also said her now deceased boyfriend wanted to sue my mother for fraud. The buyer is asking we negotiate the final payment. I feel this is wrong. The house in question is over 100 years old. The buyer went thru the house, prior to purchase and a final walk through was completed. My mother does not want to go through the judicial system. The payment is only $9000, but this is my mother's retirement money. I'm also tired of honest people like my mother and family giving in. Please help.
1 Answer from Attorneys
Re: House sold on contract
Most agreements for deed I have seen have a provision which states that as of the date the contract is signed, the property is as-is. After five years, I can't see how they can claim it was such a huge problem that you must now reduce the amount owed to you.
www.thomasmoens.com
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