Q: I had sold my property, it's being paid off by the buyer, I was wondering if I could cancel the contract due to late pay
As I stated I had sold my property, however the buyer is constantly late on payments, even when I ask regarding the pay date, I keep getting told he had done so but it could be anywhere between two weeks plus before I receive anything. The buyer is already making a lot of changes before the property is paid in full, is that legal to do so? And even if so due to the late payments I am concerned, is there a way I can cancel?
A: The answers to your questions should be in the contract you signed with the buyer. In general, if there is a material breech of a contract for sale of real property, a seller can foreclose judicially or use the forfeiture procedure authorized by ARS 33-741 et. seq. But a review of your contract is needed before any specific advice can be given.
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