Forfeit owner finance options

[Dennisdrh]

I was purchasing a piece of bare land owner finance since July. I decided to forfeit the property now. I just recently paid the taxes. Would I at least be entitled to be refunded for the taxes?

 

[LdiJ]

I was purchasing a piece of bare land owner finance since July. I decided to forfeit the property now. I just recently paid the taxes. Would I at least be entitled to be refunded for the taxes?

Is there anything in your contract that would allow you to get a refund of the taxes if you forfeit the property?

 

[adjusterjack]

I was purchasing a piece of bare land owner finance since July. I decided to forfeit the property now. I just recently paid the taxes. Would I at least be entitled to be refunded for the taxes?

I'm guessing no.

Plus, you can be sued for breach of contract.

 

[FarmerJ]

was your contract properly recorded?

 

[quincy]

What is the name of your state?

 

[FlyingRon]

was your contract properly recorded?

What makes you think it needs recording? A security interest likely needs recording, the contract does not.

 

[FarmerJ]

owner finance sounds like land contract-contract for deed, if it was recorded then the vendor /seller has to take the vendee/ buyer to court for breach of contract should the buyer default.

 

[FlyingRon]

Nothing precludes them from taking them to court for breach whether it was recorded or not. Recording it may give them additional recourse depending on what state it takes place, mostly it protects the buyer's interest in the land.