How can I get out of a land contract without any more legal ramifications?

I am currently in a land contract on a house that will not be worth the buyout once the contract has matured. How can I get out of the contract with no legal or financial ramifications?

Asked on July 12, 2012 under Real Estate Law, Ohio

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I am so sorry for the situation.  Unfortunately it is impossible to guide you here with out reading the documents involved in the transaction. That is a binding contract and it will guide your rights and liabilities.  Please go and speak with an attorney about your options. Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.