Home Selling in Hamilton>Question Details

Christine, Home Seller in Hamilton, OH

I sold my house on land contract. The buyer was to sell the house within 5 years and pay the mortgage off. It has been almost 6 years and he has not

Asked by Christine, Hamilton, OH Sun Apr 4, 2010

sold the house. Since he defaulted, how can I reclaim my property. Do I have to have an attorney to reclaim the property. He has the property leased. Can I reclaim the property and continue leasing to the current tenants?

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Christine you need to talk to an attorney. In Ohio land contracts are a little strange having to do with the equity percentage provision written into state law. If thebuyer has over a certain percentage of equity then it is a forclosure. If they are under that percentage other legal rules apply. You may want to call Griffin Fletcher & Herndon LLP ask for Harold Anness. If he does not respond to you in 24 hrs after your call you can contact Amy Gregory she is his processor and will "light a fire" under him.
Their contact number is 513-421-6440.
0 votes Thank Flag Link Sun Apr 4, 2010
Review the executed contract signed between you and the buyer. It will disclose instructions for both parties to follow if other party is in default of the sales agreement

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun Apr 4, 2010
Don is absolutely right .......talk to your attorney. That being said, you might not want to be too quick to foreclose. The real estate market is not good right now in parts of Ohio. It might be to your advantage and to the buyer's advantage to try to work something out. Your attorney will advise you on what to do about re-writing your contract if that is what you decide to do. Keep the lines of communication open.

Janet Unkefer, Agent
Cutler Real Estate
0 votes Thank Flag Link Sun Apr 4, 2010
See an attorney.

I'm not an attorney, so this isn't legal advice. And you really do need an attorney. However . . . .

If the deed was already transferred to the buyers, then you foreclose. If the deed wasn't transferred, then the contract is void.

Once you've cleared up the ownership issue (either through foreclosure or by voiding the contract), you can do whatever you wish with the property. And that includes continuing to lease to the current tenants.

Again, see a lawyer.

Hope that helps.
0 votes Thank Flag Link Sun Apr 4, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
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