Land Contract Question

[tshores]

What is the name of your state? Michigan

Land Contract question ~ We purchased, on a land contract a year ago, a parcel of property. Initially in the sales contract we had offered to put an additional amount of money down on the property by April 30, 2006. When we had the closing, it never stated this as an addendum or anything, so we thought we were not obligated since it was not put in the land contract. Now the real estate agent is asking when we are going to pay this. Do we still legally have to pay this amount? Any advice?

 

[HomeGuru]

What is the name of your state? Michigan

Land Contract question ~ We purchased, on a land contract a year ago, a parcel of property. Initially in the sales contract we had offered to put an additional amount of money down on the property by April 30, 2006. When we had the closing, it never stated this as an addendum or anything, so we thought we were not obligated since it was not put in the land contract. Now the real estate agent is asking when we are going to pay this. Do we still legally have to pay this amount? Any advice?

**A: of course you do.

 

[tshores]

Thanks for your reply. We still have to pay this even though it was not put in the land contract? What can happen if we do not have it to pay? Can we try and work out something with the sellers? Thanks.

 

[HomeGuru]

Thanks for your reply. We still have to pay this even though it was not put in the land contract? What can happen if we do not have it to pay? Can we try and work out something with the sellers? Thanks.

**A: let me get this straight. You are still on the land contract, the contract to purchase contained an additional money down but the actual contract you signed at closing made no reference to the additional monies. is that correct?

 

[tshores]

Thank you, yes, exactly.

 

[HomeGuru]

Thank you, yes, exactly.

**A: then I reverse my original response.

 

[tshores]

Thanks again for your replies. So I guess you are saying that we would not have to pay it. Thank you again.

 

[HomeGuru]

Thanks again for your replies. So I guess you are saying that we would not have to pay it. Thank you again.

**A: yes, and your recorded land contract is the evidence. Keep in mind that you will still be paying this amount later, like when you refinance the contract.

 

[pojo2]

I sure do hope you have some mighty good protection built into that contract because if not the seller is going to find an undotted i at this point to cancel the contract if he/she is expecting this monies regardless of it not being included in the contract.

In otherwords do not be 1 day late or 1 dollar short in those payments.

I am not saying that you do owe these monies at this point but that you should be aware NOT paying it will probably bring an irate seller whowill be looking for any excuse to cancel the contract.

 

[HomeGuru]

good advice.....