Legal Question in Real Estate Law in Georgia
BACK IN 2003 I ENTERED INTO AN INSTALLMENT CONTRACT TO PURCHASE A 3 BED MOBILE HOME AT $57,900.00 IN EAST GEORGIA. SEVEN YEARS LATER I HAVE PAID OVER $45,000.00 AT 10% INTEREST ON THE SALES PRICE (PRINCIPLE AND INTEREST). THEY TELL ME THAT I MUST PAY FOR ALL REPAIRS. THE ROOF IS LEAKING. THE REFRIGERATOR THAT WAS HERE WHEN I CONTRACTED WITH THEM IS FAILING. THE WATER HEATER BURNED OUT. i GOT THEM TO PAY ME FOR REPAIRING THE WATER HEATER AND FOR SOME OTHER REPAIRS BUT THEY SAY I MUST PAY FOR REPAIRS AND NOT THEM.. THEY ALSO SAY I MUST PAY ALL TAXES AND INSURANCE. THEY PROVIDE NO END YEAR INTEREST PAID STATEMENTS SO I CANT TAKE ADVANTAGE OF ANY FEDERAL INCOME TAX DEDUCTIONS ON THE INTEREST PAID. THERE NEVER WAS A CLOSING SO THE DEED NEVER CHANGED HANDS AND SO I CAN'T TAKE ADVANTAGE OF ANY LOCAL OR STATE TAX REBATES SUCH AS HOMESTEAD REBATE FOR HOMEOWNERS. NOW THEY ARE OFFERING A 7.35% INTEREST RATE AT (20-YEARS) $406.00 PER MONTH OR A 15 YEAR $466.00 PER MONTH REVISED CONTRACT. THEY SAY I OWE THEM $49,000.00 ON THE INITIAL $57,000.00 SALE PRICE WHICH I MIGHT ADD DOES INCLUDE THE 2/3 ACRE LOT THE PROPERTY SITS ON. I FEEL THAT I MAY BE ABLE TO TALK WITH THEM AND GET THEM TO GO DOWN ON THE INTEREST TO SAY 5% OR 6% BASED ON ALL OF THE ABOVE AND I'VE BEEN A GOOD TENNANT. I'D LIKE FOR THEM T0O LOWER THE PAYMENST DOWN TO ABOUT $300.00 TO MAYBE $350.00 PER MONTH. MY FIRST QUESTION WOULD BE WHERE IN THE GEORGIA REAL ESTATE CONTRACT LAW DOES IT SAY THAT I MUST PAY FOR ALL REPAIRS SINCE NO DEED EVER CHANGED HANDS? ARE THEY ALLOWED TO DISREGARD SENDING ME THE END YEAR INTEREST PAID STATEMENT? AM I NOT ENTITLED TO SOME EQUITY ON THIS CONTRACT FOR WHAT I HAVE PAID? I KNOW THAT AN INSTALLMENT CONTRACT IS JUST A CONTINUOUS PAYMENT FOR A CERTAIN LIMIT OF TIME AT WHICH TIME THE DEED TRANFERS BUT, IS THERE NO REAL ESTATE LAW ON THE BOOKS THAT PROTECTS THE BUYER IN THIS TYPE OF CONTRACT THAT WOULD GIVE ME RELIEF FOR WHAT AM ASKING HERE?
2 Answers from Attorneys
Why would you think that when you buy something you are not liable to fix and maintain it?
A mobile home is NOT real estate.
You're liable for that plus whatever the contract says you must pay.
There's no way to answer you further without reading the contract.
Contact a real estate lawyer in your area, he or she will need to go over your documentation before offering any advice. It sounds like a Lease Purchase or a Deed for Contract which are usually pretty bad deals to get involved with, they have a very low close rate and a high default rate. Generally speaking in those situations the lessor often very little right of recourse against the owner and no ownership interest in the property, but you need to take your paperwork to a real estate attorney for review.
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