Can I pay off a land contract in Arizona?
land contract ss payments applied future months payment. contract ds tt can’t pay off. seller refuse payoff contract?
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Comments
double check that there is no pre-payment penalty.
i suppose he could refuse, but i am not sure why he wouldn’t want the money in his pocket…so, if you do not have a pre-payment penalty clause…then offer to pay it off.
good luck
Call the seller and ask if there is a pre-payment penalty for paying off the land contract.
Terry S.
http://www.Welcome2Arizona.com
Unless your contract states otherwise, you can always pay off a contract. At worst, there would be a prepayment penalty but that still doesn’t prevent you from paying it off.
However, without reviewing the contract terms, I would suggest that you contact an attorney or seek legal advice, even if it’s prepaid legal or legal aid in Arizona. My expertise is in a different state. My main concern would be them trying to collect the entire term’s interest from you for you to get a release/deed to the property without you understanding the payoff. That would negate the benefit of early payoff to you.
I assume also, that this is a relatively high rate of interest v. your other debts?