Terminate purchase agreement - Posted by Paula

Posted by Rich-CA on June 19, 2008 at 10:13:02:

  1. Is the property in your name?
  2. If you still have title and want them to either pay or get out, first you need to sue for specific performance. This starts with a letter and then follows up with a filing in court if they do not respond. If they do not respond, this will terminate the contract for breach.
  3. The fact they are living there may mean they are buyers and not tenants and that your contract is effectively a mortgage. That means you have to foreclose.

Its time to get a good RE attorney.

Terminate purchase agreement - Posted by Paula

Posted by Paula on June 18, 2008 at 12:28:16:

I have signed purchase agreement w/tenant with 100% seller financing over 15 years @ 8%, and $2100 down now they are 2 months behind nothings ever been recorded with court house just notarized by both of us in 1/2005. Can I cancel contract and evict? Will I have to follow eviction procedures since there was no official lease or tenant agreement?

Re: Terminate purchase agreement - Posted by Bill H

Posted by Bill H on June 19, 2008 at 10:43:59:

VERY IMPORTANT…does your purchse/sale agreement contain the clause “Time is of the essence”…hopefully so…if not you may be in for a very LONG battle to do anything.

Without this little clause…time is not construed or considered to be important to you or the buyer and they may/can take as long as they like.

Good Luck,
Bill H