Posted on: 20th Nov, 2007 04:47 pm
we r supposedly buying a house owner financed we did no get a contract all we received is an acceptance preposal from owner with the amount of house what we paid for it how much we put down and that he wants 2000 d of our taxes each year for 4 years we didnt get anything in our name he still owes on it most of this info on paers is hand written is this a legal contract and can we get out of it.
Hi Tatursalads,
I guess there has to be certain legal documents like a seller financing addendum for the contract.
You may consult an attorney for further advice.
I guess there has to be certain legal documents like a seller financing addendum for the contract.
You may consult an attorney for further advice.
Hi Tatursalads,
Welcome to this forum.
You should have take help from an attorney when you bought the house. Have not you got any legal documents? You should consult with an attorney ASAP and ask the seller to provide you all the documents. How can you buy a house without any legal documents?
Thanks,
Larry
Welcome to this forum.
You should have take help from an attorney when you bought the house. Have not you got any legal documents? You should consult with an attorney ASAP and ask the seller to provide you all the documents. How can you buy a house without any legal documents?
Thanks,
Larry
A contract could be written on a napkin, in crayon. As long as it states the terms clearly and all parties sign in agreement of the terms it is valid. That is all a valid contract takes.
Another thing to consider is most places a contract does not even have to be written, it can be verbal. Obviously making enforcement more difficult.
As far as seller financing goes. The seller needs to make the owner financing legal, and he might not have in this situation. Like all mortgages there must be a term an interest rate and any stipulations that must be met.
And at least call an attorney and have him/her look over what you do have.
Another thing to consider is most places a contract does not even have to be written, it can be verbal. Obviously making enforcement more difficult.
As far as seller financing goes. The seller needs to make the owner financing legal, and he might not have in this situation. Like all mortgages there must be a term an interest rate and any stipulations that must be met.
And at least call an attorney and have him/her look over what you do have.
I agree with livinginnky but want to add that you should consult an attorney. There is no way for any of us to know if it will stand up in court or not and what your options are.
do you have a legal contract in place? Why would you not if you are purchasing a home over a period of time? You are probably going to have to hire an attorney to sort this one out, goodluck hope you get some satisfactory results, sounds like a real disaster to me. If he does not pay the taxes on the place you will be out on the street and there is really nothing you can do with a contract. I hope this works out for you but you should get an attorney involved and get the mess straightened out once and for all, have it all legal, pay the taxes yourself and etc.