Can I file land contract forfeiture

[lrainy99]

Michigan. I have sold house on land contract in 2002. Buyer made all payments but has let insurance cancel about 3 time and now taxes due june1, 2004 with penelty the 14th of this month. it says in contract they are immeditly due on due date or at my option may call the entire balance due. Whats my option I want house back?

 

[BelizeBreeze]

exercise your option and demand payment in full. But then, since you didn't state whether or not there is a penalty clause in the contract, demanding the funds and what you legally can do about it are two different things.

So tell me, did you have an attorney draw up this contract or is it a do-it-yourself mistake?

 

[lrainy99]

Sold threw real easte office

At the time I was a Realtor and my office handled closing and all papers

 

[BelizeBreeze]

At the time I was a Realtor and my office handled closing and all papers

O.K. but what about the answer to my question? IS there a remedy clause on event of breech of contract?

 

[lrainy99]

mmmm

It says: Enforcement on Default. If the purchaser shall fail to make nay required installment payment. insurance premium or tax payment within fifteen days of its dur date or otherwise defaults in any term of the Land Contract, the seller may;
A. at seller's option and without notice to purchaser, declare the entire unpaid balance accelerated and immediately due and payable



How do ya like tose apples?

Thanks Lrainy99

 

[BelizeBreeze]

O.K. so that's covered. Now, what about venue and jurisdiction?

 

[lrainy99]

thats good question

what is that?
I did send certified letter of forfeiture notice yesterday

 

[BelizeBreeze]

In other words, you did not have an attorney draft the contract? Otherwise you would have had stipulated where the legal action is to take place and to whom legal fees are recoverable. RIGHT?

Now, go see an attorney.