Legal Question in Real Estate Law in Ohio
Land Contract rights of buyer
My partner and I entered into a land contract in May 2002 unbeknownst to us the seller was on the verge of foreclosurewe put $10,000.00 down and they brought the loan current we pay them 1700.00 a month their mortgage payment is 2300.00 a month for the last 3 months they have not sent our payment in to the bank we make our checks out to the mortgage company. They are now in default of the loan. the term of our contract is 30 months. We paid a higher price for the house so that he would carry back 30 months he only wanted to carry us for 1 year. We are in a quandry as to what to do our contract state that we must send our payments to the seller which we have done. We would appreciate any advice. Also is the seller technically in default on his contract with us? Thanks in advance
1 Answer from Attorneys
Re: Land Contract rights of buyer
You certainly have a mess on your hands.
The Seller has defaulted. Get a real estate lawyer in your area.
If you sue now, perhaps there is enough equity in the property to force a sale and get some of your money back.
If not contact the lender and see if you can cut a deal directly with them. However, no matter what the deal, the Seller needs to cooperate or you are wasting more time and money.
Good luck.
ps. Next time be sure to hire an experience real estate lawyer BEFORE you sign a contract.
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