Q: I have a land contract where since signing the agreement they have not a payment and refuse to communicate.
I know I am jumping the gun here but with no communication whatsoever or responding to certified mail request, I wanted to know ahead of time what I will need to do. I am concerned due this being the first payment, no response from them in any way, and them ignoring requests from their realtor I need to know my options ahead of time.
Their first payment was due on June 1, Payments received after the 5th are subject to a 5% late charge.
"If two or more consecutive monthly installment payments to are not paid by the Vendee when the same becomes due, or if Vendee default in the performance of any other covenant, the Vendor may pursue their remedies at law as provided by Sections 5313.05 thru 5313.09 of the Revised Code of Ohio."
My question is what is considered default? At what point do I have something I could do as an actionable item to either rectify this situation with the Vendee or purse course of forfeiture?
A: Default may be defined by your land installment agreement. Assuming for a moment it is not, it would be any failure by a patch to fulfill a duty under that agreement. If they are late they are in default. You may exercise your statutory rights. Contact an attorney who regularly practices real estate law in your county.
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