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Originally Posted by MarieDM What is the name of your state? Ohio
I entered into a land contract 12/1/2003. I am due to have the house refinanced into my name by 12/1/2005 but I no longer want the property. What can happen if I decide to return the property back to the seller? Here are a few facts:
I am not in default, I paid a downpayment, I did a few renovations, The lender does not know of the Land Contract but the contract is filed at the the Recorders Office. The Seller is threatening to sue me if I try to give it back. What are my options? |
YOU are the Vendee under the LC, so it is YOUR responsibility to get the place on the market and sell it, if you don't want to complete the LC purchase. The Vendor attends your closing, and provides you a deed in satisfaction, and you, in turrn, deed to your buyer.
It's done all the time. It's up to you to sell it. That's what I did when I was moving on from my condo that I bought on an LC.
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