Legal Question in Real Estate Law in Alabama

I entered into a contract for owner financing of a home the contract was for five years and at the end of five years I could get it financed myself or he would finance it for five more years but I don't want the house anymore am I obligated to stay in this house.

Asked on 3/05/13, 4:03 am

1 Answer from Attorneys

James Patterson Underwood & Reimer, P.C.

I am assuming by your question that you are either in the first 5 years or in the second five years. You can always leave the home. Now what you may owe depends on what type of "penalty clause" that exists in the contract you signed with the owner. So, read through the agreement or have a lawyer in your area review it to see what type of "damages" you will be liable for if you break the contract and leave the home. Good luck

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Answered on 3/05/13, 11:27 am

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