Legal Question in Real Estate Law in Ohio

Buyers cannot come up with balloon payment

My husband and I entered into a land contract almost 5 years ago as the sellers for a 30+ acre parcel of land. The buyers have failed to make payments numerous times, and they filed for bankruptcy in 2008 to stop our eviction process. My question: The final balloon payment will be due in October 2009. What happens if they cannot get a conventional loan? Can we be forced to extend the land contract? What is the eviction process that we will have to go through or will we have to go through a foreclosure at that point? They currently owe us over $2000 for the 2009 property taxes which we paid despite them not making any payments to us so we would like to be reimbursed that amount if possible also. Thank you.


Asked on 7/16/09, 12:49 am

1 Answer from Attorneys
J. Norman Stark J. Norman Stark , Attorney, Architect

Re: Buyers cannot come up with balloon payment

Dear Inquirers: The terms of your Land contract, if properly drawn, should provide the remedy for breach of the contract.

You may have the right to immediately terminate your contract with the buyers, for breach of the terms. However, you must provide written NOTICE. Again, the terms of your contract should provide that remedy.

Contact an experienced real estate Attorney to advise and guide you through the necessary steps for relief. Good luck!

Sincerely, J. Norman Stark

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Answered on 7/16/09, 7:29 am


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