2007-11-10 13:07:28 · 5 answers · asked by Cheryl P 1 in Business & Finance ➔ Renting & Real Estate
Your parents now own it 100% again. They can sue if there were damages.
2007-11-10 13:31:35 · answer #1 · answered by Landlord 7 · 3⤊ 0⤋
If they default on the payments, your parents still own the home, free and clear. Land contract is basically a rent-to-own deal. The buyers have zero equity until the contract is completed. If they are making payments, then the contract is still in force. The purchasers do not have a right to allow others to live there nor may they rent it out. It belongs to your parents until it is completely paid off.
2007-11-10 21:19:02 · answer #2 · answered by Tom K 6 · 1⤊ 0⤋
They should have a real estate attorney draft the appropriate letters to the defaulting buyers so they can make sure they regain a clean title. It will be money well spent.
2007-11-10 21:22:39 · answer #3 · answered by Anonymous · 1⤊ 0⤋
You need an attorney to help you forclose on this land contract.
2007-11-10 23:40:07 · answer #4 · answered by Bibs 7 · 0⤊ 0⤋
Contact a lawyer.
2007-11-10 21:09:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋