Contact for deed I am the payor in a contract for deed.

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Contact for deed
I am the payor in a contract for deed. The seller told me if I am late or miss a payment it puts me 6 month back. Is it true or how is the intest calcuated. Thank you

2 thoughts on “Contact for deed I am the payor in a contract for deed.”

  1. Re: Contact for deed
    There are many on-line amortization calculators that will let you see for yourself the effect of being late on a payment. I don’t see how it could “put you 6 months back” unless you are paying an illegal rate of interest, and even then ….. Missing a payment makes you subject to having your contract for deed cancelled under state law (Minn. Stat. 559.21).

    Sam Calvert
    Calvert Law Office
    1011 2nd ST N #107
    Saint Cloud, MN 56303

  2. Re: Contact for deed
    A contract for deed is, well, a matter of contract. What the contract says can make a big difference. So I can’t tell you much without seeing the contract.

    BUT, I will say what what you describe does not sound right at all to me.

    Know also that interest rates are regulated. If your interest rate is not right, things could be interesting.

    There are all sorts of benefits to consulting a lawyer.

    David Kelly-952-544-6356
    Kelly Law Office
    10709 Wayzata Blvd. #205
    Minnetonka, MN 55305

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