Land Contract

[norealestate]

What is the name of your state (only U.S. law)? Wisconsin
We have a land contract with parents that never got satisfied (30 years ago)
and now both parents are very elderly. We are listed as the heirs of their
estate and was wondering if we should pursue trying to get it satisfied or
just let things fall in place???

 

[curb1]

What values are you talking about? How is the property titled at this time?

 

[nextwife]

Yes, get a deed in satisfaction of the Land Contract. Was the LC recorded?

 

[norealestate]

Contract

Parents name are on the title. The Land Contract was recorded and we pay property taxes.
We payed $50000 and now the Fair Market Value is $250000.

 

[curb1]

What was the value of the contract? Was the contract for $50,000 (or what)when it was agreed upon 30 years ago? Yes, get the deed changed. It is usually more difficult when dealing with it later.