Can I get out of a land contract?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can I get out of a land contract?
I put my down payment down and I have been paying my monthly payments on time. But due to work and hardness of the economy, I cannot keep paying this kind of payment any longer. Can I get out of my land contract without getting into any trouble or sued?
Asked on May 13, 2012 under Real Estate Law, Tennessee
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you back out of the contract the seller can indeed sue you for "breach" of the agreement. If you can no longer pay on the terms of the contract perhaps the seller will re negotiate the amount or let you out of the contract. Both must be in writing. Now, I am assuming that the original contract is in writing as well. Otherwise it is not valid for purchase of the land. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.