Can seller make you buy the house on land contract even if you can’t get a loan and are moving out of state?

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Can seller make you buy the house on land contract even if you can’t get a loan and are moving out of state?

I have a land contract and was unemployed 8 months last year I have been unable to pay taxes and am now behind on payment. I got a better job out of state and move in 3 weeks. I informed the home owners last week with 30 day notice and they said their lawyer said I mus buy the house. Banks have already turned me down for a mortgage due to lack of credit score and income. The lawyer who did the land contract said it would revert to them if either of us broke the contract but the contract itself doesn’t specify. What are my legal obligations since I have no money or credit of I’d have paid for it?

Asked on August 6, 2012 under Real Estate Law, Indiana

Answers:

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

Answered 8 years ago | Contributor

Please go and speak with an attorney on this amtter.  I know that you say that things are tight so try legal aid or a local bar associations "pro bono" - free - service or a law school clinic.  What the contract states is what matters here and one needs to read it to tell you.  Good luck.


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