We sold a home on contract, the contract expires 3/1/2012. Contract buyers after 3 years intend to walk away. They owe for 3 months of payments. The have home listed with realtor what legal rights do we have and what is the contract buyers liability for realtor fees if the home sells. Also would it be fair to request contract buyer to pay half of closing cost. Selling home just to get out from mortgage. No profit to be had except for realtor?
Answer
Unless the contract has a prepayment penalty, you have no involvement in any liability from the realtor or the new buyer. As long as you get all the money you are due under the contract, then the contract has been fulfilled.
Answer
They have paid substantially on the contract, and as such, would be considered by the Court to be entitled to be treated much the same as a bank would have to treat a homeowner. You just need to make sure that everyone is aware of the amount you are owed. You might want to consider having an attorney represent you and your interests at closing. You really have nothing to do with respect to the closing costs. Those are things that are taken care of between the contract owners and the new buyers. Realtor fees belong to them, not you. They are not putting you on the hook for anything. Only thing you need to make sure of is that at closing, you're written a check for the balance of the contract.
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