What are the penalties for terminating a land contract if you are the potential buyer?

Question

We are current on payments but do not want the house anymore. How can we get out of it?

Answer 1

Generally, if you engaged in a land contract, you cannot sell the property without the agreement of the person holding the land contract.  You could probably walk away from it, but would get NOTHING in return for whatever you have paid since you took the land contract.

If you have damaged the property in any way, you are also subject to lawsuit for recovery of those damages.

Answer 2

they will probably try to keep you in it ,calling it a breech of contract,they might try and force you to pay the interest that would have accumulated throughout the terms of the contract,that's why they did it in the first place,for the interest.but try to sell it to someone else.