Legal Question in Real Estate Law in Virginia
Contract expired
I sold my home via installment land contract and the contract has expired and the person in my home is selling it to a third party and has not closed yet. I'm trying to work with them but I never offered any extensions and now I'm being told it could be a couple more weeks before its done because the party we sold the house to hasn't secured another residence yet. Can I terminate the land contract?
1 Answer from Attorneys
Re: Contract expired
It appears that you have little understanding of
a so-called land contract or contract for deed as it is also referred to. Under this type of contract, record title remains with the seller until each and every installment due and owing under the contract has been paid by the buyer to the seller who only then is obligated to convey title to the purchaser.
Therefore, in your particular situation if the
above in fact has not happened and the time frame for the buyer to complete performance of the contract has expired, then title continues to remain with you who are the owner of record rather
than the person who is now occupying your property
and who in truth has no legal capacity or authority to sell the property to any third person.
Bottom line: You could now order this person who apparently is little more than a holdover tenant to vacate your property and file an unlawful detainer action in the general district court if he refuses to do so. (And if you continue to await the time when this current occupier of your property can legitimately sell it to a third person, you could be waiting "a mighty long time".