Is the eviction process the same for owner financed housing?
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Is the eviction process the same for owner financed housing?
We are buying a house as an owner financed property. I was late on the first payment by 20 days because when we moved in we had to do a lot of things to the house to live here – replace all the plumbing, the heat didn’t work, and a couple windows were broken. I got a letter to vacate yesterday. I had made the late payment and the payment that was due the day before. Can they make us leave if all payments are now caught up? The letter says that the rent was due and we didn’t pay it. We don’t have rent we have a house payment because we are buying not renting. Are there different laws for renting and buying?
Asked on January 31, 2012 under Real Estate Law, Arkansas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you are buying property by way of a seller carryback loan, you are not the tenant on the property. You are the owner and landlord tenant laws do not apply to your situation. Rather, the terms and conditions of the presumed trust deed that you signed with the seller control in addition to the presumed promissory note and purchase contract.
If you are current on the mortgage that you have with the seller, then you have nothing to worry about. The former owner cannot evict you. he or she has to foreclose on the loan made to you concerning your purchase of the property. If you are having problems with the former owner of the property that you now have, I suggest that you consult with a real estate attorney further.
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