Q: My so is buying a condo in michigan on land contract. He put $22,000 down payment on $90,000 and paid all his payments
For 1 year. Then, he had a car accident and is paralyzed from the neck down. He probably won't return to the condo to live for at least a year or two. Can he get any of his deposit back or does he lose everything?
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A: In a land contract, the terms and conditions are crucial, and they can vary. Generally, the down payment in a land contract acts as a form of security or consideration for the property. In the event of unforeseen circumstances, such as a medical emergency leading to an extended absence from the property, it's essential to review the specific terms outlined in the land contract agreement. Some land contracts may include provisions for such situations, allowing for flexibility or potential renegotiation of terms.
Thomas. R. Morris agrees with this answer
A: It may be possible to negotiate a resolution with the seller. It may be that the land contract permits the buyer to rescind the purchase in the event of a disability, but I have never seen that in a land contract. The law does not provide for the buyer to be able to rescind a land contract because of the buyer's disability or even death. Therefore, the buyer should without delay consider selling the property so that the land contract can be paid off. If that's not possible, personal bankruptcy may be an option for the buyer to receive a discharge of the obligation.
Kenneth V Zichi agrees with this answer
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