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I am a buyer in a land contract. The house flooded and I am…

Customer Question
I am a buyer...

I am a buyer in a land contract. The house flooded and I am wanting to let the house go back to the owner am I able to do this without recourse? I have made lots if improvements on the house but do not wish to ask for reimbursement

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No I need to know the steps to take

Lawyer's Assistant: Where is the land located?

Ohio

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Gallipolis ohio

Submitted: 2 months ago.Category: Real Estate Law
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Answered in 9 minutes by:
3/22/2018
Real Estate Lawyer: Barrister, Lawyer replied 2 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,045
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

Basically if you want to walk away from the contract, you can send the seller a notice of forfeiture and just state that you are abandoning the property and forfeiting your rights to it and surrendering possession back to the seller. You would lose anything that you have put into the property, but typically the owner would just retake possession, make repairs and re-sell to someone else.

.

They could theoretically sue you to foreclose on the property and force a sale of it, but if they win in court, they are only entitled to the unpaid loan balance that was due at the time of default, which means any proceeds over and above what they are owed must be returned to you, even though you defaulted.

.

And since it would cost several thousand dollars up front to hire an attorney to foreclose, and the uncertainty of ever being able to collect on any deficiency if the house didn't sell for what is owed, it is unlikely the seller would pursue a foreclosure.

.

.

thanks

Barrister

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Customer reply replied 2 months ago
How can they foreclose if we voluntarily give it back there is no lien on it
Real Estate Lawyer: Barrister, Lawyer replied 2 months ago

Because you agreed to purchase the house for $XXXX under the land contract.. So that is what you would have to pay in order to fulfill the contract. The seller here is just acting like the bank and financing the deal..

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Customer reply replied 2 months ago
With doing that we would then own the house correct
Real Estate Lawyer: Barrister, Lawyer replied 2 months ago

Correct...that is what a land contract is... you agree to buy the house for $XXXX and you just make the payments to the seller personally as they act like the bank.. When you pay them off, they then deed the house over to you or file a release of any lien on it if they have recorded a mortgage/Note on the property.

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Customer reply replied 2 months ago
We do not want the house it was falsely presented to us and lot of hidden factors of the house have arose. For in the house flooded with 5.5 feet of water in our basement which is unliveable space that we was needing to be able to use and included that factor in our agreement to buy. We do not want the property
Customer reply replied 2 months ago
We have since purchased another home and want to vacate the land contract without recourse and looking for the steps we need to take.
Real Estate Lawyer: Barrister, Lawyer replied 2 months ago

Ok.... I understand that... And that is why I went over the forfeiture process above... and the possibility of a foreclosure action that could potentially happen..

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It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the title and the JustAnswer employees will get it to me.

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If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

.

.

Thanks much

Barrister

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Customer reply replied 2 months ago
Can you explain the fore closure action
Customer reply replied 2 months ago
What do I need to do to terminate a land contract? I am the buyer
Customer reply replied 2 months ago
Where is the answer
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