How far behind does a purchaser have to be on monthly payments before I, the original owner, can take action?
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How far behind does a purchaser have to be on monthly payments before I, the original owner, can take action?
Here in Texas I sold 5 acres of my land
to a person on a 48 month contract.
The buyer has been paying 2 months at a
time. The last payment was due on Dec
15 2016 and it is already the 10th of
January. How long do I have to wait
before I can take action and what would
be my first course of action?
Asked on January 10, 2017 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
As soon as someone falls behind on payments, even by one month--i.e. as soon as he breaches the terms of the contract--the seller could take action. Your recourse would be to sue for breach of contract, for the money owed under the contract; you may also be able to re-take the property, if the sale contract gave you that right (the contract must provide for a right to repossess or foreclose in order to do so).
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