My husband and I purchased a home on a land contract with a 3 year balloon in March 2011. We have recently found out that the land contract was never recorded and was informed by the sellers that we were basically "renting" the home. With us putting $12,500 down on the house, we would hardly say we were just renting the home. We found out ourselves that they have a mortgage on the home through a local bank and did not want the bank to find out that they sold the house on a land contract. What options do we have for recourse, as we are planning not to purchase the house and we feel we were misled by the sellers.
1 Answer from Attorneys
Assuming you have a written, signed agreement, you have purchased the home (even if the land contract is not recorded). There are many questions that need to be answered before someone can advise you which direction to go. My suggestion is to sit down with a local real estate attorney and have him/her review your documents. It will be we'll worth it for you. Good luck.
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