Land Contract Mess in Indianapolis - What are the remedies?
Hey Ya'll,
This is an interesting one, and I know next-to-nothing about Land Contracts, time for me to learn! This seller is looking to me as a potential buyer, and if I can solve his debacle, he may end up just tossing the property over at a severe discount. He is making nothing on it now.
Situation: 3 years ago, the owner and occupant signed a written Land Contract Deal. It was never recorded at the county, just maintained as a written and executed contract. The occupant lost his job over a year ago and stopped paying. (not sure what the failure to pay clause or remedy is on the contract) Now the owner is saying the lawyers think it is $4k-$5k to get him out of the property. He feels like because it was never recorded that it shouldn't cost him this much.
Any remedies? What would you do?
Thank you! Makenzie