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Recent Land Contract questions

We were in a land contract. We abandoned the property then

We were in a land contract. We abandoned the property then found out that there was an attachment to the property. The land owner has filed foreclosure against us and the party holding the attachment.JA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?Customer: Wisconsin, I have received a summons. case 16-CV-963JA: Has any paperwork been filed?Customer: On my behalf, No.JA: Anything else you want the lawyer to know before I connect you?Customer: No, Thank you

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,186 satisfied customers
Is there a minimum term (# of years) for an "owner-financed"

Is there a minimum term (# of years) for an "owner-financed" contract? We are thinking to sell our home but want to offer only 5 years to pay the balance.JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: We are in Bexar County TexasJA: Has any paperwork been filed?Customer: no, we are only negotiating the terms with the prospective buyers who asked if we would "owner finance"JA: Anything else you want the lawyer to know before I connect you?Customer: We are thinking to charge 5% interest but make it 'variable' depending on the prime rate at the time of sale, to keep the same 'spread' We wanted to just give 5 years to pay.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,186 satisfied customers
I have a land contract sale on a home I own. The buyer moved

I have a land contract sale on a home I own.The buyer moved out and stopped paying. He wants me to sign a form saying he is not in default and owes me nothing, not even for damages, but says I owe him equity. If he just walks out and defaults do I owe him equity?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,186 satisfied customers
Tina, Fruitvale, tx. I own 12 acres on which I owe $100k and

Hello Tina,JA: Where is the property located?Customer: Fruitvale, tx. I own 12 acres on which I owe $100k and want to sell half of it to my neighbor. he can't come up with the money, so I want to carry what i'll be selling it for. how will that work?JA: Has any paperwork been filed?Customer: no ... we've just decided to do itJA: Anything else you want the lawyer to know before I connect you?Customer: I don't think so

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Ely

Counselor at Law

Juris Doctor

67,164 satisfied customers
I sold my mobile home/land in Panama City, Florida, on

I sold my mobile home/land in Panama City, Florida, on contract a couple of years ago to Randy Harmon and Brenda Powers. Randy passed away last year. Brenda has not made the last 3 payments and did not pay 2015 or 2016 property taxes. She has found someone who wants to assume the contract. Randy had me remove the clause about rights of survivorship. He did not have a formal estate. He has 3 adult children who I have no idea how to contact. She is in the process of moving out and says she will pay 2016 taxes with her income tax refund check. She assured me 2015 was paid but when I texted her that a certificate had been sold, she said she'd call me right back and I have yet to hear from her. What can I do to cancel this contract so that I can just write up a pretty new one with the couple wanting the home? Do I need to find his three children as heirs of the estate? How can I make this as simple as possible?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,186 satisfied customers
Nine years ago, my husband and Imade a deal with our x

nine years ago, my husband and Imade a deal with our x daughter-in law,to take over the payments on a two acre property,witha mobile home, she gave us the land contract,and signed a paper saying when the last payment was paid ,she would sign it over to us, wellits paid off 3/1/2017,and she changed her mind she said she wasent going to give it to me, my husband diedtwo years ago. I have all the receipts for the payments and taxes.the paper she signed wasn't notarized.

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Ely

Counselor at Law

Juris Doctor

67,164 satisfied customers
The situation: We'd like to sell a rental property in

The situation:We'd like to sell a rental property in Minneapolis to a friend for many ease and friendship-related reasons. He has too many other mortgages right now to qualify for a conventional loan. He's suggested some shady-sounding options like a lower sale price and giving us cash on the side in the form of a promissory note for about a third of the sale price due in a year or two. We're not interested in anything shady and are looking for something that might work for us all..• He is open to contract for deed but transferring the title to his name could result in our mortgage being called in before he is able to cash out.• Could rent-to-own be a possibility? We could have an informal agreement that he will take on the upkeep of the house, and apply rent toward the selling price until enough is paid down for him to finance?• Are there any options that could work?JA: Because laws vary from place to place, can you tell me what state this is in?Customer: MinnesotaJA: Has any paperwork been filed?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: Cant think of anything

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Ely

Counselor at Law

Juris Doctor

67,164 satisfied customers
If my daughter buys property from a third party, but I loan

If my daughter buys property from a third party, but I loan her the money to do so, what are the steps I would have to take to place a mortgage against the property?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,186 satisfied customers
I sold a trailer house to someone a few years ago. They were

I sold a trailer house to someone a few years ago. They were to make payment within 2 months. Instead, they thought they could just make payments whenever. When we signed the agreement, we verbally agreed they would pay the real estate taxes and reimburse me for the insurance I had to carry until they had paid for it. They have paid us the sale price, but refuse to pay the taxes or insurance. Since it isn't in writing I wonder if we even have any rights to get the rest of the money (about $3,000). They have sent us a letter demanding the title or we will hear from their lawyer. Any advice?JA: What state is this in? And how old is the mobile home?Customer: South Dakota, it was new in 1996JA: Has anything been filed or reported?Customer: What do you mean? The mobile home is still in my name. They have moved it to their property.JA: Anything else you want the lawyer to know before I connect you?Customer: No.

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Ely

Counselor at Law

Juris Doctor

67,164 satisfied customers
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