Can I get out of a land contract?
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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 11 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.
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