Break a contract for deed

[RLMolstrom]

What is the name of your state (only U.S. law)? Minnesota

My husband and I are purchasing our home on contract for deed. We are in year 2 of a 3 year contract, at the end of the 3 years we are expected to get a conventional loan and make the balloon payment. What happens if we decide we no longer want to purchase the property?What is the name of your state (only U.S. law)?

The contract was recorded at the county.

 

[NC Aggie]

You lose the money you've already invested into the purchase.

 

[CSO286]

What is the name of your state (only U.S. law)? Minnesota

My husband and I are purchasing our home on contract for deed. We are in year 2 of a 3 year contract, at the end of the 3 years we are expected to get a conventional loan and make the balloon payment. What happens if we decide we no longer want to purchase the property?What is the name of your state (only U.S. law)?

Was the CFD recorded?

 

[Zigner]

What does your contract say about the matter?

 

[HomeGuru]

What is the name of your state (only U.S. law)? Minnesota

My husband and I are purchasing our home on contract for deed. We are in year 2 of a 3 year contract, at the end of the 3 years we are expected to get a conventional loan and make the balloon payment. What happens if we decide we no longer want to purchase the property?What is the name of your state (only U.S. law)?

**A: read the default provisions in your contract as it would apply. The Seller has certain remedies so be careful as it may not be a case of just walking away free.