Legal Question in Real Estate Law in Minnesota
Want out of contract for deed
My husband and I purchased a home on c/d a year and a half ago. We can not afford this house any longer due to some issues that have taken place in the past few months. What are our options for getting out of this contract for deed?
2 Answers from Attorneys
Re: Want out of contract for deed
You need to review your particular situation with an attorney. You can e-mail me if you'ld like to discuss it further.
Generally, upon default a CD vendor (seller) can use strict foreclosure, meaning the seller can cancel the CD and keep all money already paid. Depending on the current value of the proerty and how much is still owed on the CD, it may be better to sell you interest in the CD rather than letting it go into default.
Re: Want out of contract for deed
If you have equity in the home, you should probably try to sell it and salvage any equity you can. If you have no equity in the home, you could quitclaim it back to the seller. Otherwise, if you do not make payments, the seller will usually serve a "notice of cancellation" which will end your ownership 60 days after the papers are given to you.
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