Bought home/land and owner drafted contract.

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Bought home/land and owner drafted contract.

I purchased a home/land and owner drafted contract stating my payments could go up if prime rate went above 8.5. He called me yesterday and said it was going up but prime is at below 6. What are my options here? I made a $25,000 downpayment and he makes me pay for insurance that he carries,property taxes as well as all repairs. I live on a fixed income and can barely keep my head above water. Is he breaching his own contract by doing this?I really need sound legal advice. Someone help,please.

Asked on June 9, 2009 under Real Estate Law, Georgia

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

You need to contact legal aid on this.  Something definitely sounds wrong here.  However, they will be able to tell you for sure.  If for some reason you don't meet their income guidelines, then at least ask if they know of a free/lows cost clinic that you can go to.  If there's a law school in your area, they will probably have one. 

Best of luck.


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