Sold house on land contract to two people who were not married now he wants out what should i do?

Question

Sold house on land contract to two people who were not married now he wants out what should i do?

Answer 1

Talk with a lawyer to know your rights

Answer 2

A signed contract is a  legal binding agreement. Even if he wants out, after 3 business days he cannot back out. Contact a RealEstate Attorney and they will tell you the same thing. There are other laws too, so it would be benefical to you to talk to the attorney.

Answer 3

Well, for starters, YOU do not sign anything which relieves him of his financial obligations.  You need to keep BOTH parties legally obligated to continue to make the payments.  The buyers' romantic problems are not YOUR problems.  They need to work this out between the two of them and find a way to honor their contract.

Answer 4

Do not let him off the hook unless you are sure that the other party is financially able to carry the load.  Personally I would not let him off.  If a payment is missed, enforce the terms of the contract.  Incidentally, they may be liable for a default judgement if you have to sieze the property and take a loss on the deal.