Legal Question in Real Estate Law in Minnesota
Contact for deed
I am the payor in a contract for deed. The seller told me if I am late or miss a payment it puts me 6 month back. Is it true or how is the intest calcuated. Thank you
2 Answers from Attorneys
Re: Contact for deed
There are many on-line amortization calculators that will let you see for yourself the effect of being late on a payment. I don't see how it could "put you 6 months back" unless you are paying an illegal rate of interest, and even then ..... Missing a payment makes you subject to having your contract for deed cancelled under state law (Minn. Stat. 559.21).
Re: Contact for deed
A contract for deed is, well, a matter of contract. What the contract says can make a big difference. So I can't tell you much without seeing the contract.
BUT, I will say what what you describe does not sound right at all to me.
Know also that interest rates are regulated. If your interest rate is not right, things could be interesting.
There are all sorts of benefits to consulting a lawyer.
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