Legal Question in Real Estate Law in Wisconsin
Land Contract
My parents have entered into a land contract with a family member for the sale of a mobile home. Purchase Price=$13000 with monthly interest free payments of $200 for 7 months. After 7 months, I was to meet with buyer to determine new monthly payment (this is stated in the land contract that we would meet in 2/2003 to discuss) I had verbally told her at the time of signing contract that I was expecting $400 per month at the end of 7 months. The buyer now says not willing to pay that much each month. What are my options? Can I now get out of this contract because she will not agree on the terms I want set forth in the ''revised'' land contract?
2 Answers from Attorneys
Re: Land Contract
In order for a contract to be valid, it must be definite. An agreement to agree is not a valid contract. Now the problem you have is you don't know exactly what you have. You will probably need a lawyer to leverage your position to either end the deal or enter into something both sides can agree upon.
Re: Land Contract
Hello, this question is not possible to answer without reading the actual text of the land contract, and probably an interview with your parties to learn all the facts. I am not ducking the question, it is just that so much depends on how it is worded. I can tell you that with real estate contracts a lot more emphasis is placed on what is written, rather than verbal agreements. Good luck, Mark J. Mahoney 920-984-4529
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