Q: We have a contract for deed that was to be paid in full on 12/12/17. Do we have right to terminate contract?
Purchaser has continued to pay, however, refuses to speak to us regarding obtaining his own financing. Condition of the property is also an issue.
Contract states:
In the event of the Purchaser’s failure to perform any covenant or condition contained in this Agreement, the Seller will give the Purchaser notice of default. The notice will give the Purchaser 14 days from the date the notice is received to remedy the default. If the Purchaser fails to remedy the default within 14 days, then the entire balance of the Purchase Price, including interest payable, will become due 30 days after the 14 day period to remedy the default expires (the “Notice Period”). Failure to pay the full amount of the Purchase Price owing will result in the termination of this Agreement at the end of the Notice Period. The Purchaser and the Seller agree that in the event that the Purchaser fails to remedy a default and this Agreement is terminated, the Purchaser will vacate the Premises within 30 days
A:
If you believe that the contract has been breached you need to abide by the terms of the contract. You linked what you need to do in case of a breach of contract. If you believe the purchaser is in default you need to give them their notice in accordance with the contract.
This is a delicate situation. You should have a local attorney review the contract before proceeding.
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