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Old 01-20-2011, 07:00 AM
 
1 posts, read 2,333 times
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I bought a house then sold it so my son on land contract. We found a better house/location for him. How do I legally go about closing out the land contract without penalty to him so I can resell? I currently still am deed holder.
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Old 01-20-2011, 03:26 PM
 
Location: Laguna Niguel, CA
768 posts, read 3,961,689 times
Reputation: 456
What penalties are you concerned with?

If the land contract has been recorded, you may be able to file a reconveyance to remove it from title, and then just have a document you both sign stating the land contract has been cancelled, and refund or not refund any monies paid to you. I don't think it'd be terribly difficult. If you want it to be easy but don't mind spending a couple hundred, then may want to look into a local title or escrow company to help you handle the paperwork.
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Old 03-28-2011, 11:06 AM
 
Location: USA
24 posts, read 78,742 times
Reputation: 11
Just acquire the necessary documents pertaining to the land contract's cancellation, and provide payment to cash that was previously handed to you.
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Old 02-14-2018, 04:24 PM
 
1 posts, read 333 times
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We are currently in a land contract. We want out of the land contract. The lady has lied to us from the beginning and our contract has no exit clause. Can I just give thirty days notice and not be responsible for the remaining balance on the contract. We have paid all prop taxes and even some of her back taxes for fear of losing the house. This has been a shady situation from the get go and I just want to back out and move on. How is this possible if this possible
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Old 02-14-2018, 05:21 PM
 
Location: Rochester, WA
3,841 posts, read 2,069,187 times
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Pack up a copy of your contract, and any other papers and communications you have, and make an appointment with a good local real estate attorney.
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Old 02-15-2018, 09:43 AM
 
6,361 posts, read 7,348,242 times
Reputation: 10822
Quote:
Originally Posted by Eblessman View Post
We are currently in a land contract. We want out of the land contract. The lady has lied to us from the beginning and our contract has no exit clause. Can I just give thirty days notice and not be responsible for the remaining balance on the contract. We have paid all prop taxes and even some of her back taxes for fear of losing the house. This has been a shady situation from the get go and I just want to back out and move on. How is this possible if this possible
You bought the house and the land contract defines the terms under which you are obligated to pay for the house. State laws vary so there are no clear-cut answers. Your best option may be to simply talk to her and offer to Quit Claim your interest in the house back to her. No muss, no fuss. Talk with a good real estate attorney to best evaluate your options. Don't just walk away from the contract as there could be serious repercussions for doing so.
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