When a Buyer is purchasing real estate under a Land Contract from more than one owner, it is important that the legal contract documents contain signatures from all ownership parties to the contract.
A third party can be named in a lawsuit for just about any reason, as including a party requires no more than adding a name to paper.
There is no standardized document to demand that a buyer on a Land Contract make the payments promised. But there is another simple option.
A Land Contract is just that: a contract. The terms of the contract should be clearly stated within this document, including move-in date and the payment schedule. Read the Land Contract document carefully…
Contract terminations (including those in a Contract for Deed, more commonly called a Land Contract) are typically only valid for a breach of a specifically stated term.
While some states have buyer remorse laws, but there are no ‘seller’s remorse’ statutes.
This is a complicated legal question, and one that is est answered by an examination of a state’s specific laws.
Most mortgage contracts do not allow for the assumption of the debt by another party, even if that assignment is for the same property.
We suggest a careful reading of the existing mortgage contract, as most mortgage documents specifically prohibit such an action.
If a land contract is no longer in effect (i.e., assuming that the ORIGINAL Land Contract has been fulfilled and both parties to that original contract are in agreement on this issue), you may wish to prepare and file a termination statement with the State.