Legal Question in Real Estate Law in Maryland
Default on a contract
I sold a piece of land, the contract was owner financed. We recieved a down payment of $1000 plus $800 toward taxes and no other payments. They are 11 months in arrears as of Nov. 21, 2005. The contract does state,
''Default. I will be in default under this Note if any of the following happen:
Payment Default. I fail to make any payments when due or paid up-to-date by November 21st of each year under this Note or I fail to pay all back Taxes and Water/Sewage bills and keep them paid up.'' (contract was signed and notorized)
How do I deal with the default. The property is still in my name but I want to make sure there is no other steps to take. I cannot seem to contact the other party. I have sent Certified letters, they are refused. Thank you for any assistance you can provide.
2 Answers from Attorneys
Re: Default on a contract
You need to have a lawyer review the contract. Chances are you can declare a default and evict the tenant/contract purchaser, but without seeing the document no one can say for sure. I'd be pleased to look at this for you.
Re: Default on a contract
Your contract will dictate what your next step is and you should have an attorney review your options with you. Usually foreclosure is an option when the buyer fails to pay on the note, but you don't want to foreclose on property that is still in your name.
I would be happy to review the contract with you so that I can better advise you regarding all of your options. Do not hesitate to call me at your convenience.
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