What is the name of your state (only U.S. law)? Kansas
My contract for deed states that payment is due on the 1st day of each month. I gave 15 days before adding late fees.
Does this mean the payment is not in default until the 15th? The clause only referrers to late fee.
The default clause states the following...
If the purchaser shall fail to perform any of the covenants or conditions contained in this contract o nor before the date on which the performance is required, the seller shall give purchaser notice of default...
I cannot find anything in Kansas Statutes that determine how long a seller has to wait until serving notice of default. The way I understand it the contract for deed is NOT handled the same as landlord/tenant relationship or creditor/debtor relationship - I'm assuming the latter is because the property was not sold as retail or mortgaged through a bank or other commercial institution. Any thoughts on this?
Therefor is it safe to assume payment is considered late on the 2nd if due on the 1st? If so I should be able to serve the first notice of default on the 2nd.
My contract states that the first notice provides 14 days to cure and the 2nd notice provides 15 days to vacate if not cured by the end of the 15 days. Contract provides seller two options at sellers discretion after the 1st notice is served and uncured. Option A is to cancel contract after 15 days more or option B - call the full contract amount due and from what I can tell this is the same as accelerating the loan and then would be treated according to state law which I cannot find any statute other than if it were handled as a mortgage from an institute so I am choosing option A as it seems simpler. Any thoughts on that?
My contract for deed states that payment is due on the 1st day of each month. I gave 15 days before adding late fees.
Does this mean the payment is not in default until the 15th? The clause only referrers to late fee.
The default clause states the following...
If the purchaser shall fail to perform any of the covenants or conditions contained in this contract o nor before the date on which the performance is required, the seller shall give purchaser notice of default...
I cannot find anything in Kansas Statutes that determine how long a seller has to wait until serving notice of default. The way I understand it the contract for deed is NOT handled the same as landlord/tenant relationship or creditor/debtor relationship - I'm assuming the latter is because the property was not sold as retail or mortgaged through a bank or other commercial institution. Any thoughts on this?
Therefor is it safe to assume payment is considered late on the 2nd if due on the 1st? If so I should be able to serve the first notice of default on the 2nd.
My contract states that the first notice provides 14 days to cure and the 2nd notice provides 15 days to vacate if not cured by the end of the 15 days. Contract provides seller two options at sellers discretion after the 1st notice is served and uncured. Option A is to cancel contract after 15 days more or option B - call the full contract amount due and from what I can tell this is the same as accelerating the loan and then would be treated according to state law which I cannot find any statute other than if it were handled as a mortgage from an institute so I am choosing option A as it seems simpler. Any thoughts on that?