Virginia Installment Land Contract and Escrow - Posted by Peter

Posted by Michael on June 13, 2006 at 04:58:33:

I would also like to know the answers to these questions. Additionally, I would like to know how the process of eviction typically will work in the case of a defaulted ILC in VA. The buyer having equitable interest would seem to indicate that a court ruling would be necessary. But Virginia allows non judicial foreclosure and it is more common. If the ILC is contested by the buyer does this indicate a court ruling as the only solution?

In response to the first post, my research has indicated that a quitclaim deed from the buyer will remedy the claim if you can get them to cooperate with giving one. But I’m guessing that if you are asking this question, the buyer isn’t so cooperative… There’s always the option of paying them to leave and sign.

Virginia Installment Land Contract and Escrow - Posted by Peter

Posted by Peter on May 12, 2006 at 16:27:58:

I would like to know if contact is still valid if the Buyer has violated the required terms of the (ILC) contract by not executing and delivering quitclaim deed to title company; not occupying property as principal residence; Buyer setup escrow with title company without the required executed escrow agreement by Seller and Buyer as stated in contract; Buyer signed a Note that was not signed off by the Seller; and by not disclosing to Seller that Buyer is licensed R.E. agent, as required by Code of Virginia. ILC states when in default or terms of contract breached, then interests of the Buyer shall be forfeited. Thanks in advance.