Legal Question in Real Estate Law in Pennsylvania

Seller holding 2nd mrtg on RE property

Can I legally change contract as the ''seller/lender'' of a 2 yr contract w/balloon paymt, to move the late charges of 5% per mth from 15 days late to 5 days late? If so, please advise me on the fast & best way to do this. The final (balloon) paymt is 04/01/08 and they pay me well after the 1st of the month but short of the 15th.


Asked on 1/04/07, 3:04 pm

2 Answers from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: Seller holding 2nd mrtg on RE property

Any change to a contract must be agreed to by all parties. You can not unilaterally change the terms. There must be an addendum to the contract signed by all parties.

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Answered on 1/04/07, 3:12 pm
Marc V. Taiani AAAL - Allegheny Attorneys At Law

Re: Seller holding 2nd mrtg on RE property

Sure you can....if you want to void the contract! In other words, you can't change the terms of the agreement without the approval of the other party, and they must also receive an additional benefit for changing the terms. Simply telling them to agree to the new terms or you'll evict them doesn't cut it, and if you try this strategy you are risking a significant lawsuit.

Sincerely,

Marc V. Taiani, Esquire

AAAL - Allegheny Attorneys At Law, PC

412.731.0865 (Office)

www.AlleghenyAttorneys.com

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Answered on 1/04/07, 4:14 pm


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