Q: My son and I are paying for a house on land contract. I had to provide a Collateral house for first two years of the LC
We paid 2 yrs of payments. Now it is time 51% Collateral owner to release Collateral property but only if we draw up new deed reverting property to us and any expenses incurred. Is acceptable for 51% Owner to hold our property bcus we wont drawn up docs and bear expenses
What does your contract say? What is ‘acceptable’ is largely dependent on what you agreed to and without seeing the documents it is impossible to say for sure.
You need to run mot walk to a local attorney who can review the documents and provide you real advice on this. You should NEVER buy or sell real estate without legal help. There are too many pitfalls for the unwary.
David Soble agrees with this answer
A: I have drafted and enforced hundreds of land contracts in my career, and I can honestly say that I have absolutely no idea what you are speaking of; the terms and conditions sound quite unique to me, and so a real estate attorney like myself would need to see a copy of the land contract provisions. Visit www.ProvenResource.com for more information.
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