If you have already signed the land contract on an home, can they come back 2 months later and tell you it is not legal cause they never added the interest rate?

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If you have already signed the land contract on an home, can they come back 2 months later and tell you it is not legal cause they never added the interest rate?

They set the payments up which included insurance house payment and taxes then it comes up a month later for almost $70.00 more. Is that legal?

Asked on January 20, 2016 under Real Estate Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

It depends on whether the contract indicated that you would pay an interest rate--but failed to basically "do the math" and include it--or not. If the contract made clear there was interest, then they can correct it to fix what would be, at that point, a typo. But if the interest were not mentioned in the contract at all, so you had no notice of it and they are essentially adding in a new cost, they should have to absorb it themselves; they cannot modify contracts to add new costs or charges to them once the contracts are signed. That said, depending on the amount, it may be most cost effective to agree than possibly get involved in litigation on the matter.


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