Posted on: 28th Mar, 2008 09:55 am
I am in a Land contract with an individual, if I decide to turn the property back over to him and let him execute the quick claim deed, does this effect my credit?
Welcome sigmund.
Since you have been involved in a land contract, are you not making payments on a monthly basis? So, if you decide to turn back the property, I think he's not going to take it so easy. After all, one gets to cancel the contract within 3 days of signing it. There's every possibility that the seller may now demand a hefty sum for cancellation of the contract. I suggest that you consult an attorney and then proceed further to negotiate with the seller.
Thanks.
Since you have been involved in a land contract, are you not making payments on a monthly basis? So, if you decide to turn back the property, I think he's not going to take it so easy. After all, one gets to cancel the contract within 3 days of signing it. There's every possibility that the seller may now demand a hefty sum for cancellation of the contract. I suggest that you consult an attorney and then proceed further to negotiate with the seller.
Thanks.