You should go see a real estate attorney to review your documents and discuss your options further. You may have a contract for deed or a disguised lease to purchase, but fortunately, buyers have many rights regarding these type of transactions. If you do not want the property, one option could be to just to deed the property back, but you would want to get a release of the promissory note and deed of trust to remove any possible liability. Go see an attorney before taking any action.
If this response was helpful, please mark it as helpful or as a best answer. The response provided herein is for informational purposes only and is not intended as legal advice, nor does it establish or intend to establish an attorney-client relationship. You should always speak with a licensed attorney regarding your legal rights before taking or not taking any particular action.
You should contact a real estate attorney well in advance of the seller taking any final action.
The above statements are provided as general information and not intended as legal advice. Each matter has its own set of unique circumstances that cannot be adequately addressed without consultation. You are strongly advised to hire an attorney licensed to practice law in your state to represent you.
As my colleagues indicate, you should consult a local real estate attorney ASAP.
If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education purposes only. It neither creates an attorney-client relationship nor provides legal guidance or advice. The answer is based on the limited information provided and the answer might be different had additional information been provided. You should consult an attorney.
Have you received the benefit of living in the house? How long? What are other properties renting for in the area? Did you make a down payment? Have you made improvements to the house? These are all questions you need to answer in making your claim. Depending on the answers, it may or may not make sense to make a claim against the seller. Best of luck.