Legal Question in Real Estate Law in Wisconsin
What is the next step when a purchaser has bought on a land contract, defaulted and is moving out? How do I proceed? What do I do next?
Asked on 6/23/10, 9:06 am
1 Answer from Attorneys
Thomas Schober
Schober Schober & Mitchell, S.C.
You have a number of options, some of which require a close reading of the land contract to determine. Generally, if you do not seek to recover any shortfall from the buyer, you could try to get the buyer to sign a quit claim deed, indicating on it that the land contract has been terminated and that the buyer is giving up all rights he may have in the property. That is quick and easy. If he won't cooperate or if you seek a deficiency judgement against him, you may foreclose the land contract. This is complicated stuff, and you should seek the help of a qualified attorney.
Answered on 6/24/10, 6:27 am