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I am at the end of a 15yr land contract. One payment and my taxes are whats left. During the years,on my yr end statement the numbers never did seem right. Not being the brightest candle in the window on math...I kinda rode the wave so to speak. During the last few yrs though, I noticed that my interest always stayed about the same as it did in the beginning. especially in this last year,I sould have nearly zero....but it's been nearly the same.

when we entered into the contract,it was an agreement that as I made improvements to the land (10+acres)....that for these large money items alot of times I'd pay 2 months at a time.Since there was a clause of 30 days late , that he could foreclose ..we worked on a "handshake" basis.

Eventually his daughter took over the finances when he moved to FL...and eventually she had him send out a "post-it note"attached to the yr end statement that there would be late fees anong with interest on them for any late payments....which she went retroactive.....Heres what I have on the contract....DUE ON SALE AND ANTI-ASSIGNMENT CLAUSE :Neither the property hereunder nor any portion thereof or interest therein shall be assigned, sold, transferred, or encumbered, voluntarily or otherwise, without the written consent of the vendor and vendee. Both parties must mutually agree prior to the granting of any consents and partial releases. This due on sale clause shall apply to sales and /or assignments on or by land installment contracts, in addition to all other sales, assignments and encumbrances..

This to me means that unless I agreed in writing to any changes to our contract...that they can't add in late fees/xtra interest.......that all I've owed them is my monthly payments. I have never signed any papers since the original contract. That their sending out a post-it note is not a contract.

They are saying I owe nearly $8400 over the 15yr contract..Charging 9.5% interest.

In that clause...doesn't "interest therein" being assigned to something I never agreed to. I never acknowledged the memo note, because the Vendor harrassed my neighbor (also on contract) until he moved. This same vendor informed tenants that if they didn't have nearly 10,000 in deductions they couldn't deduct their interest and taxes...to let him know if they didn't that he would use the deductions----their interest , their taxes...

Any how that's why I never payed ahead ..the only way i could be sure what the dollar amounts were, was to make the entire monthly payments..

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Note that you didn't bother to ask a question in your post, so I don't know what you expect folks to answer/respond to here.

don'tIn future, please avoid using the ... a lot in place of other types of punctuation and pay attention to proper spacing after punctuation.

You need to discuss the numbers issue with a local accountant person (though there are mortgage calculators out there where you can figure these things out, you'll want a professional analysis). Obviously, waiting years to address certain things and until the last payment is due is a bad idea.

Not sure why in the one paragraph you started talking about late fees and then started talking about an assignment clause. One thing has nothing to do with the other and the word "interest" doesn't refer to $$$ interest, but one's "right, claim or legal share" (ownership or contractual interest). If the contract doesn't mention late fees, obviously you're free to tell whomever to point out where it mentions them, and remind her that the contract may not be unilaterally changed by either party.

Someone with a real "land contract" isn't a tenant.

Seek local real estate counsel.

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