Contract for Deed
Contract for Deed also known as Land Contract or Real Estate Installment Agreement for use in all states. This is a contract between the owner of a property and a person who wants to buy the property for an agreed-upon purchase price. Under this contract, the seller retains the legal title to the property until the buyer has paid the full purchase price in periodic installments.
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Seller's Right to Rescind
I have contract for deed with Buyer. Buyer diagrees with payoff amount which is note payoff + taxes and insurnace he was responsible for during tenancy. This is stated clearly in contract that if he doesn't pay them during teneacyt then they cam be added to payoff at end(now). Buyer went to cloasing and title company holiding warranty deed. IF buyer doesn't pay the exact payoff i've given them: can i decline the lesser $$ mamount the title company is trying to pay me?? not release deed? the title company rushed trough the closing depsite beiong notified that the payoff amount was not correct.
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- Thomas Moens Re: Seller's Right to Rescind I hope that, first, you had an attorney, and second, the deed was delivered in trust pending your receipt of payoff funds. If the deed was delivered in trust, the deed should not be recorded by the title company until the dispute regarding the payoff amount is resolved. If you do not have an attorney in Illinois assisting you with this transaction, you need to hire one located near where the property is located. My office serves west central and northwest portion of the state.
land contracts
if the seller of a land contract dies what happens to the buyer?
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- Jay Courtright Re: land contracts You as buyer are still obligated to pay under the terms and conditions of the land contract. However, instead of making payments to the seller, the buyer's obligation becomes payable to the seller's estate, or to whomever now holds testamentary rights to the proceeds land contract. If the seller left a will, there is either a specific testamentary gift of the proceeds of the land contract, or absent a specific gift there must be a residuary clause designating someone's rights to whatever is left of the seller's estate. If the seller died without a will, or intestate as it is called, the proceeds of the land contract would devolve to the seller's heirs. You should find out if the seller has an open probate estate and find out who may have been appointed personal representative and contact them for specific details of these issues. If probate hasn't happened been opened yet, contact the next of kin or anyone who might know something about the disposition of the seller's estate.
Invalid land contract
Property manager signed land contract with the tenant on behalf of his company and not the owner of the house.
Tenant put $3,000 down and paid for 1 month, paid $900.
Tenant wants to get all money back ($3,900) and filed a law suit
Do I have to return money? That was an error on property management site? What are my rights as a property owner in this case?
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- David Gibbs Re: Invalid land contract Where is the property? If its in Michigan, I can't help you as I am licensed in California. If the property, and the property management company is in California, I can assist you, but I would suggest that you post some additional details. As a general rule, and again, this is in California only, the property manager is going to be a licensed real estate agent. That person has a much greater duty to you as their client than a non-licensed person might. As such, there is little question that you should be able to recover any and all expenses from the property manager. With respect to the suit, if they have sued the property owner, the property owner can probably defend the lawsuit on the basis that he never authorized the contract, never received the money, and that the person who is liable is the property management company who defrauded the tenant. That being said, the property owner will still have to defend the lawsuit, will probably have to file a complaint against the property manager. I would suggest that a complaint be filed with the California Department of Real Estate regarding this transaction - desperate times are causing licensed persons to do stupid things, and they need to be punished, plus I believe there is a recovery fund at the State of California for activity by a licensed real estate agent which harms a consumer. *Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.
Land Contract
We purchased a land contract home and found ourselves unable to get a traditional mortgage. Now the owner wants us to move. We placed 10,000 down on this property and been paying on the property for 4 years. Do we have any rights?
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- J. Norman Stark Re: Land Contract Dear Puchasers, Yes you have rights and interests worthy of protection and pursuit. First, the terms of your contract will govern. Secondly, you obviously have vested interests by having paid significant sums of money. Immediately seek the assistance of an experienced real estate Attorney to advise and guide you. Good luck Sincerely, J. Norman Stark
- Robert Rosplock Re: Land Contract The terms of the land contract, combined with the purchase price, control your rights. What was your obligation regarding payment of the purchase price? Is the date past? What percentage of the purchase price have you paid? If you have paid 20% or more of the purchase price, you rights can be terminated only by foreclosure. Otherwise, a forfeiture action can be brought against you if you have failed to pay as required. If your time to pay the balance of the purchase price has not yet arrived, you have the right to continue the contract.
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