we are in a contract for deed when the contract was made 5 years ago it was state on the contrect $500 dollar month payment 4%- $170 a month interest and $330 off Principal per month with total of $500 dollar paymentthe total interest paid on the contract being $10.200 now the sellers said there was a mistake with the 4% but we all agreed on the interest amount above i did the paper work on the contract but there was nothing hidden now that the contract is coming to the end we close in 30 days the want more money. We did sign in front of a notary.Does she have any leg to stand on it has been 5 years and this is the frist time it has come up
Country relating to Question: United States
we have talked to the and stated that we were not planning on giving them any more money
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Hi there. The contract is going to be held to be legally valid and binding. It doesn't make any difference that the Seller now thinks the interest was incorrect; the contract is going to stand. To allow the Seller to do otherwise would essentially be allowing the Seller to unilaterally change the terms of the contract. This would be no different than you now telling Seller that the purchase price was wrong and that it should be less. I'm sure the Seller would be telling you the same thing I'm telling you...the contract speaks for itself and is legally binding. If she doesn't transfer title pursuant to the contract, sue her for specific performance.
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