I recently gave a guy 15k towards a down payment on a house
I recently gave a guy 15k towards a down payment on a house in Detroit Mi. I have not closed as of yet. Ido have a purchase agreement. Now I having misgivings concerning said property because of cost I wasn't prepared for and I'm thinking about backing out. Does the seller have to give me all my money Back?
I have been in a land contract for 11 years. I was not able
I have been in a land contract for 11 years. I was not able to obtain bank financing after 2 years but the contract has never been renewed. The seller wants a new contract with numbers I do not agree with and has gave me a deadline to sign the contract in 3 days or they are going to do month to month. the house was 59,900 and the payments were 675.00 per month. the seller controlled water and sewage at her own request as part of the agreement. They want to know give me a new 10 year contract for 40,000. this is the basis of the new contract. The sum of $ 24,895 is being credit as down payment credit towards the account as of August 31, 2016 based on payments made towards the execution of the original Land Contract the receipt of which is hereby acknowledged, leaving principal owed by Vendee of $ 39,900 together with interest on the unpaid balance payable in consecutive monthly installments of $ 630.00 beginning on the 10th day of September, 2016, and on the 15th day of each and every month thereafter until said balance and interest is pain in full, or until the 10th day of September, 2026 at which time the entire remaining balance plus accrued interest shall become due and payable. The Interest on the unpaid balance due hereon shall be Ten (10%) per annum computed monthly, in accordance with a monthly amortization schedule during the life of this Contract with $ 100.00 of the montly payment will be used as payments towards the trash, water and sewage for above said property. As a result, $ 530.00 is the amount credit twaords the montly amortization schedule.This is the old contract:1. CONTRACT PRICE. METHOD OF PAYMENT, INTEREST RATE:In consideration whereof, the Vendee agrees to purchase the above described property for the sum of Sixty-four thousand seven hundred ninety-five Dollars ($ 64,795.00), payable as follows:The sum of $500.00 as down payment at the time of execution of the within Land Contract the receipt of which is hereby acknowledged, leaving principal owed by Vendee of $ 62,795.00 together with interest on the unpaid balance payable in consecutive monthly installments of $ 550.00 beginning on the 1st day of January, 2006, and on the 1st day of each and every month thereafter until said balance and interest is pain in full, or until the 1st day of January, 2008 at which time the entire remaining balance plus accrued interest shall become due and payable. The Interest on the unpaid balance due hereon shall be Ten (10%) per annum computed monthly, in accordance with a monthly amortization schedule during the life of this Contract.
This inquiry is for Attyadvisor only please. Can you please
This inquiry is for Attyadvisor only please. Can you please look over the attached draft of an installment sales contract and let me know your thoughts. I hope you don't mind I used some of the provisions you provided, please let me know if this is ok. Thank you.
Is there a safe way to default on a land contract?
Is there a safe way for me to default on a land contract? I live in Wi. The seller would not return any paperwork for me to pay off gallon payment. The bank contacted the owner by phone many times and sent paperwork for her to return. I suspect she has reported income from property and didn't want to deal with the balloon. I am 3 years from having to obtain financing. I just want to default properly and buy a different house through the bank.
I see you have some understanding of land contracts so I
I see you have some understanding of land contracts so I have a question for you. I have purchased a piece of land in upstate NY by land contract. Having satisfied my end of the contract the land owner has not been able to produce a deed to transfer because it was used to obtain a loan from their bank. I am wondering how to proceed with this and protect my investment? The land owner has given me in writing permission to continue using the land but want to make sure I have a protected investment and will walk away holding the deed. I have plenty of paper work to prove I have satified my end of this contract.
I was wondering if there was a way to temporarily stop and
I was wondering if there was a way to temporarily stop and eviction. I have been working with the land contract holder to re-finance and have numerous email correspondences where they were OK with it and just got served and eviction notice.JA: Have you talked to a lawyer yet?Customer: noJA: Anything else you think the lawyer should know?Customer: I had a land contract that is overdue. We went to court in 1-16 and was granted time till 4-22-16 to remedy it. Due to a bankruptcy filing I was unable to get a standard mortgage so I had to go to a "second tier" lender. I am in the process of closing that mortgage and got served an eviction. The land contract holder was and has been kept abreast of the process and was OK with it. I even allowed them to converse with my lender so they knew what was going on. Never was there any sign of this. Then POW!JA: What state are you in? And has anything been officially filed?Customer: Michigan. Yes. I have a copy of an Application of Eviction signed by a judge
Counselor at Law
Trying to be thrown off property that I got in 2003 on land
Trying to be thrown off property that I got in 2003 on land contract. Owner died an his partner in bussiness is trying to take it back. Has taken me to court an was told he couldn't by judge. He has my orrignal contract, and wont give it back. He has harassed me at my home in public to my neighbors. I would like to sale the place an move out of state. Do I have a chance at all of not losing my home that I have been paying taxes on an put alot of money and hard work into?
I'm in the middle of a conflict with my sister after buying
I'm in the middle of a conflict with my sister after buying her property with a land contract. She will not remove her possessions stored in the sheds which she has locked. She is threatening to take me to small claims court for $1000 which she says includes $600 for an agreement she had with the local electric company, 2 months of a cable bill as well as damage to some of her things that she says I damaged. Mr. P. Simmons advised me to send her a certified check stating she must move her things from my property within a specified amount of time. I guess I need advice on the things she is threatening to take me to court with.