It is a three year land contract. Paments, taxes and insurance all made on time. The value of the home has depreciated so I do not want to get conventional financing. I put down 5K which I know I will lose. Anything else that I should be concerned about?
Was this a Land Contract or a Lease With a Purchase Option? From what you described, it sounds more like a Lease With a Purchase Option where the Lease has now expired. It is difficult to answer your question without seeing the documents. I suggest you consult with a local real estate attorney who can review your documents and advise you on any potential liability you may have if you vacate the home and do not purchase.
It sounds like you've signed a land contract with a 3-year balloon payment, which is a lump-sum that is due at the end of 3 years. If you default on the contract by failing to refinance, the seller may pursue you for foreclosure. The house would go to sheriff sale and the seller may pursue a deficiency judgment against you if the amount you owed on the contract was more than the sale price of the home. You should consult a real estate attorney with your documents in order to negotiate a settlement with the seller so that he gets the property back and you do not get sued.
You should consult a real estate attorney. I disagree with the advice given by the attorney from Cleveland Heights, Ohio. Your situation is governed by Chapter 5313: LAND INSTALLMENT CONTRACTS of the Ohio Revised Code.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline