Bought home/land and owner drafted contract.

UPDATED: Jun 9, 2009

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Bought home/land and owner drafted contract.

I purchased a home/land and owner drafted contract stating my payments could go up if prime rate went above 8.5. He called me yesterday and said it was going up but prime is at below 6. What are my options here? I made a $25,000 downpayment and he makes me pay for insurance that he carries,property taxes as well as all repairs. I live on a fixed income and can barely keep my head above water. Is he breaching his own contract by doing this?I really need sound legal advice. Someone help,please.

Asked on June 9, 2009 under Real Estate Law, Georgia


M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

You need to contact legal aid on this.  Something definitely sounds wrong here.  However, they will be able to tell you for sure.  If for some reason you don't meet their income guidelines, then at least ask if they know of a free/lows cost clinic that you can go to.  If there's a law school in your area, they will probably have one. 

Best of 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 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.

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