contract question? - Posted by Skyler

Posted by JHyre in Ohio on June 26, 2003 at 20:16:22:

Depends on the judge. On its face, it’s enforceable as written…BUT the buyer can argue that they shouldn’t forfeit the home for being a few days late on a payment. The more eqiity that the buyer has in the MH, the more likely that the court will ignore the forfeiture clause.

John Hyre

contract question? - Posted by Skyler

Posted by Skyler on June 26, 2003 at 17:14:58:

I recently came across a contract for a lease to own on a mobile home, in the contract there is a part that says if the buyer fails to make a payment within 10 days after the due date the contract is null and void. My question is, is this something that is enforcable. Meaning can a seller who is financing a mobile home take the home back if the person is 10 days late on their payment. The person who gave me the contract said it would be enforcable.

Any help would be appreciated.

Re: contract question? - Posted by Tom-FL

Posted by Tom-FL on July 05, 2003 at 02:10:09:

That’s pretty common on lease option contracts. The option has a clause stating that a default on the lease voids the option. You mentioned a “seller financing a mobile home”. A lease/option is not financing. It’s a person renting it out to another, and the tenant has an option to buy it at some future date.