Can I get out of a land contract?

Asked almost 6 years ago - Flint, MI

I'm currently in a Land Contract, in Flint, Michigan, as the buyer. Trying to find out if there is a way I can legally get out of the contract. I'm willing to just sign off on the house and give it back to the owner with everything paid to this date considered as rent. We agreed to a purchase price of 32,000 and currently owe about 18,000 on it. The neighborhood and schools have been declining rapidly and we have been offered a house that we simply cannot afford to pass up. Thank You

Attorney answers (1)

  1. Timothy J. Klisz

    Pro

    Contributor Level 18

    Answered . You can agree with the owner based on this situation, but they could decline your offer. If so, they have similar rights to the bank. Forclosure or forfeiture, which means taking the house back and keeping all money paid. They do have the option of coming after you for the money still due, so be careful which path you take. It would certainly help to hire an attorney to assist you in these delicate negotiations. Visit me at www.kliszlaw.com to discuss. Tim Klisz

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

20,434 answers this week

2,593 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

20,434 answers this week

2,593 attorneys answering