What to do if my late husband and I bought into mountain lakes resort but I didn’t realize then that the contract was for 99 years?
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What to do if my late husband and I bought into mountain lakes resort but I didn’t realize then that the contract was for 99 years?
We bought the land 20 years ago. Since then another company bought the original company out. Is there any legal way that I can get out of this contract? My contract was with the original company, not the one that took over.I don’t even use the resort now that I’m 70. We’ve only used it twice since we have had it. However, I have been paying maintenance fees on it. I would appreciate any adive that you can give me.
Asked on April 3, 2014 under Real Estate Law, Alabama
Answers:
Anne Brady / Law Office of Anne Brady
Answered 10 years ago | Contributor
These contracts are often written such that they pass to the original buyer's heirs when the original buyers die, and sometimes pass through multiple generations. They are very difficult to get out of. Take a copy of the contract to an attorney to review for you to see if there are any loopholes you can use to get out of the contract.
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