Legal Question in Real Estate Law in Oregon
real estate contract
I carry a contract on a house. It is called a contract real estate monthly payments. The buyer agrees to pay the remainder of the purchase price to the seller in monthly payments. the sells agreement was for 360 monthly payments. Can buyer sell the house?
2 Answers from Attorneys
Re: real estate contract
It depends on the terms of the contract. Some contracts prohibit transfer of the property to a new buyer, others do not. Some also require the seller's permission for any transfers.
Your rights are determined by the contract between you and the buyer.
If the property has been sold you may want to contact an attorney to have the contract reviewed so you can determine your rights.
Our office offers low cost consultations in this area.
Re: real estate contract
Are you the original seller or was the contract assigned to you by the original seller? This is contractual question which you should be able to find the answer to by looking through the contract for a mention of a prepayment penalty. Your concern is for lost interest income?
If the land sale contract is too onerous, judges will "rewrite" the contract in order to apply the same type of protections available to borrowers in the mortgage statutes.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
