foreclosing on a contract for deed

[2bassetsantiqui]

What is the name of your state?Oklahoma
I sold my home as a lease to purchase..so, we have a contract for deed with the buyers. the contract states that we will retain ownership if any part of the contract is not upheld by the buyers who are now 18 days past due on this month's payment. What should my next move be to get the property back?

I suspect (but do not know) that you will have to foreclose on the contract for deed the same way you would if it were a mortgage or deed of trust.

Get an OK lawyer who is well-versed in foreclosures because you only get one chance and it must be done right. This is not a DIY project.

Oh, BTW, what does your contract for deed say about this? Did you ask the lawyer who drew it up to put in a provision about default?

[2bassetsantiqui]

Originally Posted by seniorjudge

I suspect (but do not know) that you will have to foreclose on the contract for deed the same way you would if it were a mortgage or deed of trust.

Get an OK lawyer who is well-versed in foreclosures because you only get one chance and it must be done right. This is not a DIY project.

Oh, BTW, what does your contract for deed say about this? Did you ask the lawyer who drew it up to put in a provision about default?

this contract for deed is a standard form provided by a real estate agent. Also, what is the time frame right now for the buyer to make payment to "Save" the contract. you see, I'd really like to move on as this buyer has been late with the 18 months of payments. I've learned that being "NICE", patient, and forgiving doesn't pay off in a business transaction.

[HomeGuru]

Originally Posted by 2bassetsantiqui

What is the name of your state?Oklahoma
I sold my home as a lease to purchase..so, we have a contract for deed with the buyers. the contract states that we will retain ownership if any part of the contract is not upheld by the buyers who are now 18 days past due on this month's payment. What should my next move be to get the property back?

**A: a lease purchase is not the same as a contract for deed.

[BradleyS]

RE Broker in Kansas:

Why did the real estate agent provide a contract? Did you pay a commission on the transaction?

Did you close the sale at a escrow or title company?

Was it a lease purchase or a contract for deed?