We have purchased a home under a land contract in the state of Ohio. My wife and I have now had some career advancement opportunities in another state. Under the DEFAULT section of the land contract it states " If any installment to be made by Vendee under the terms of this Contract is not paid by Vendee when due or within thirty 30) days thereafter, or if Vendee fails to perform any of the terms and conditons contained herein, Vendor may: initiate forfeiture of the interest of Vendee in default as provided by law; declare all of said installments remaining unpaid at once to become due and payable at Vendor's option in accordance with the provisions of law. In the event Vendee has paid 20% of the purchase price of the real estate or has paid in accordance with the terms of this Contract for a period of five years, the Vendor shall recover possession of said premises by use of a proceeding for foreclosure and judicial sale as provided by law and Vendor shall be entitled to the proceeds of said sale up to and including the unpaid balance of the land installment contract. The remedies herein shall not be exclusive of any other remedy, and Vendor shall have every other remedy given by law or equity. In the event Vendee defaults under the terms of the Contract, Vendee agrees to reimburse Vendor for any and all attorney fees incurred in connection with said default". With this said what options are available to us in terms of breaking this contract legally.
land contracts
- Thread Starter bbf090207
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