Saturday, 13 December 2014

Can I change the locks on a property once a contract for deed has been terminated and after giving time to move out and they're gone?Also wh...

Question

Can I change the locks on a property once a contract for deed has been terminated and after giving time to move out and they're gone?

Also what am I to do if items are left in the house by the tenant?



Answer

Your installment contract should identify your remedies.

NORMALLY, but not necessarily in your case, until a certain percentage of the price is paid, the arrangement is like a landlord-tenant relationship and you are supposed to 'evict'. Once a certain percentage is paid the law automatically converts the arrangement into an "equitable mortgage" and the remedy is foreclosure.

Take your contract to an attorney for review.



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