Legal Question in Real Estate Law in Pennsylvania
Seller holding 2nd mrtg on RE property
Can I legally change contract as the ''seller/lender'' of a 2 yr contract w/balloon paymt, to move the late charges of 5% per mth from 15 days late to 5 days late? If so, please advise me on the fast & best way to do this. The final (balloon) paymt is 04/01/08 and they pay me well after the 1st of the month but short of the 15th.
2 Answers from Attorneys
Re: Seller holding 2nd mrtg on RE property
Any change to a contract must be agreed to by all parties. You can not unilaterally change the terms. There must be an addendum to the contract signed by all parties.
Re: Seller holding 2nd mrtg on RE property
Sure you can....if you want to void the contract! In other words, you can't change the terms of the agreement without the approval of the other party, and they must also receive an additional benefit for changing the terms. Simply telling them to agree to the new terms or you'll evict them doesn't cut it, and if you try this strategy you are risking a significant lawsuit.
Sincerely,
Marc V. Taiani, Esquire
AAAL - Allegheny Attorneys At Law, PC
412.731.0865 (Office)
www.AlleghenyAttorneys.com
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
