What to do if we have an agreement of installments in our contract but there is a mistake with it?

In the contract it says that we will pay 224 installments once the full value has been paid but farther below it says once all 244

installments have been completed then the seller us will receive the deed. The 244 was clearly a typo. Could this be bad in the future? We have almost finished paying off all 224 payments. Would the typo endanger our ability to own the home or might the seller take

advantage the typo?

Asked on January 11, 2018 under Real Estate Law, Oklahoma

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Typos, if proven to be typos, will not affect the contract, and the contract will be "reformed" or corrected to eliminate the typo. In this case, you should be able to demonstrate/prove the correct number of installments. To oversimplify as an example: say the purchase price is $224,000 and was to be paid in $1,000 installments--clearly, 224 was then the correct number of installments. By referencing the total price and how much each installment was, you should be able to establish and prove the correct number.


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