Expert: Dick Dennis - 9/27/2007

Question
Yes sir, I sold a house in Oh in 2001 on land contract for one year. I recorded the contract at my local recorders office downtown Springfield Ohio. They paid my downpayment, moved in and made their monthly payments to me for 11 mths. They moved out and i started renting the house up until a couple of months ago, when i decided to sell the house. To make a long story short, I found out the land contract i recorded will prevent me from selling the house to a buyer who is preapproved. I spoke to three attorneys about how to cancel the land contract. they said for 3500.00 they will resolve the matter. I dont have anywhere near that much money. Let me back up a minute, listed on the land contract where a husband and wife who are now divorced, and the wife's mother who is now deceased. I believe i can find the husband and wife. But im not sure what to do about the deceased mother. Is there a standard form to cancel this. Is this something that i can do on my own? If i get this land contract cancellation form is it as easy as filling in the signatures of the husband and wife and the executor of the estate of the deceased mother? Please help! im going to lose this buyer, who i desparetly need to buy this house. Thank you very much in advance.

Answer
I see why the attorneys want $3,500, Jamie. There is a lot of work there. You are just not aware of what is entailed. When you sell the house, the title company involved is not going to let you just sluff off getting things signed on your own. The title insurance company actually insures the title for the buyer so they cannot and will not give title insurance without an attorney or someone with state-approved documents. Plus your buyer's lender is not going to make the loan without title insurance. I do wish you well.

Dick Dennis