Owner financed real property sale
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Owner financed real property sale
I bought a campground with 20 down and 80 owner financed. I have made all payments but the prior owner wants to foreclose due to the property not being kept to his standards. The note states the property will be kept in good conditions. We have great reviews and higher gross and net income. Is the burden of proof on them. The other thing is they are taking the position that they expect us to fail. Normally you should not loan money if you expect a default.
Asked on June 17, 2017 under Real Estate Law, Idaho
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes, if they want to try to foreclose due to a stipulation or term in the note like the one you describe, they would have to prove that is the case, and based on what you write, it appears unlikely they could do so. Their expectations are irrelevant: all that matters is what the note says--i.e. what your obligations are; what their rights are--and whether you have provably violated any obligations giving them a right to foreclose.
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