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CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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I have a question. my parents sold a property by owner with

Customer Question

Hello, I have a question. my parents sold a property by owner with a real estate agent in 2013. the property is being financed by owner. my dad holds first trust deed after a large down. The new prop owner is conducting illegal activities and is under a possible arrest and the new owner has not yet paid the balance is current on the mort payment. its supposed to be paid within a period of 5 years. he still owes $250k he has two more years to go. What can my parents do at this point.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 1 year ago.

Dear Customer,

The short answer is that your parents need to hire a civil litigation attorney.

Unfortunately these "Land Sales Contracts" (or carrying paper, or owner financed) sales are inherently risky contracts for both parties, and enforcement of these sales becomes very difficult. They are a hybrid of both landlord/tenant and mortgage law, and the relationship between the buyer and the seller is very complicated, and it will vary depending on how much equity the buyer has in the property as to whether or not the seller has a right of repossession/eviction or whether the property must be sold and the buyer receive a payoff of their equity (or a portion thereof) from the proceeds.

To further complicate things, depending on what kind of illegal activities this buyer is conducting, there may be even greater risks, such as property forfeiture which may be an issue.

Which brings me back to the most direct, and proper advice for your parents - they need an attorney, and promptly.

Customer: replied 1 year ago.
ok, thank you. I've contacted the original sales agent and he is ex sheriff so we'll wait to hear from him. Has many years in real estate as well.
Expert:  CalAttorney2 replied 1 year ago.

You are welcome, and I do wish you the best with this matter.

Thank you for using our forum, and please do not forget to rate my service so that I can receive credit for assisting you.

If you would like to direct future questions to me specifically, you can do so by starting your new question with "For William B. Esq." and a moderator will notify me.

Thank you again, and again I wish you the best.

Bill