Full question:
I have a contract deed that's never been recorded with a ballon payment payment due I can't get financed I would like to just give the house back to seller but afraid I will be sued by seller what are my legal issuess and what can I expect if I give house back
- Category: Contract for Deed
- Date:
- State: Kansas
Answer:
If you default on a land installment sales contract, the seller has the right to seek compensation and restore their position as if the contract had been fully performed. If you return the house, the seller may choose to foreclose on the contract according to state laws. The court may provide various outcomes based on the situation, including:
- Enforcing the contract as is, leading to a loss of your equity in the property.
- Allowing you a chance to pay the remaining balance and gain full ownership.
- Finding the forfeiture unfair and ordering the seller to return some or all of your payments.
- Determining that the contract functions as a mortgage, requiring the seller to start foreclosure proceedings.
- Denying the forfeiture and reinstating the contract.
Consult a legal professional for advice tailored to your specific circumstances.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.