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My husband and I did a land contract on a property that we…

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My husband and I did...
My husband and I did a land contract on a property that we presently have a mortgage. This was during the down turn as we moved in order secure better employment. I have a couple of questions and concerns; 1) There is a clause under Maintenance of premises that basically states that premises are to stay in good condition as they are now reasonable wear and tear. The house is being run down and maintenance is not being maintained. Ie; roof has missing shingles, siding is coming off and the inside floors have be severely damaged by dogs etc. Essentially they have done NO maint. Is that a default and a breach of contract. We are concerned that they are running it down and it will be worth nothing if this continues. The second questions is , if we die which will eventually be the case and they still owe on contract and we will owe bank how do they get to keep the premises. There is a clause that states if we are deceased prior to the land contract balance is paid in full, the contract balance is to be paid to their estate and things remain in effect. Isn't the bank going to want them to get the the loan in their name or what happens. There is another clause 'Time of essence that states that the agreements therein contained shall apply to and bind the heirs,executors,administrators, successors and assigns of the parties. Please advise
Submitted: 6 months ago.Category: Real Estate Law
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Answered in 9 hours by:
12/28/2017
Real Estate Lawyer: Attyadvisor, Attorney replied 6 months ago
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 8,905
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
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I would need to see your contract if you can attach it. If the situation is as you stated above they have breached the agreement and they are in default. I would need to see the contract to tell what occurs once they breach the agreement.
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Real Estate Lawyer: Attyadvisor, Attorney replied 6 months ago

Are you able to attach the contract? The issue for the purchaser is that they have breached the contract which would be grounds for you to terminate the contract. This would not impact your heirs, successors and or assigns etc., if you move to terminate the contract.

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Real Estate Lawyer: Attyadvisor, Attorney replied 6 months ago

Please do not hesitate to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.

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Thank you for your consideration.

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Customer reply replied 6 months ago
I AM WORKING ON TRYING TO SCAN THE DOCUMENT.
Real Estate Lawyer: Attyadvisor, Attorney replied 6 months ago

No worries. Take your time. It will be my pleasure to assist you.

Customer Service can also assist you at US / Canada 1-***-***-****

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