I had a vaguely similar situation that I resolved by offering payment in cash.
BUMP.
seenidog,
Thought maybe we could get a followup, just curious when the lawyer meeting is to take place and hoping you’d let us know how it turned out?
Just an update on the whole deal. Met with the in-laws and attorney this afternoon, the meeting took about half an hour. The first five minutes was the attorney correcting me in my misinterpretation of the contract. I thought the contract said I could not borrow against the property before paying the contract off. In fact the contract said that IF I borrowed any money against the property they have the right to demand immediate buy out, which was my intent anyway. The next 25 minutes was the attorney explaining to them that this is a good deal for everyone involved, including them. So it will take a couple weeks to take care of it, (Updating the land abstact to get clear title for the new mortgage) a few hundred dollars in attorney fees, and it is a done deal. The frosting on the cake is that there was a clause in the contract that says they pay for closing costs upon termination of the contract. I gotta pay for todays meeting, but the rest is thier problem.
Thanks for all the advice all!
Let me clearify my previous statement about closing costs. The cost of providing an updated land abstract and clear deed to me (or the bank, or my attorney) is thier problem. Any closing costs involved with the new mortgage are my problem.
Good deal. Congrats on resolving the problem in a friendly manner.
Friendly, no, not by a long shot. Civil, yes. no harsh words, just business. I am glad I took your advice and attended. It avoided what could easily have become an unmitigated legal brawl, to the same end but with a lot more attorneys fees. Thanks.