Can I get my down payment back from land contract

[buddy1949]

I live in Michigan and I purchased a house via land contract, I put 5000.00 down and have made all payments, for the 7 months I have had it. It was for my son to live in, he has moved to gf house and I have kept up on this contract, just incase. The guy we bought it from said he has a person that would like to buy it, if I don't want it anymore, if I do this can I get part or all of down payment back as he would be getting a "new" down payment from the new buyer. There is nothing in land cantract that states I can or can't. Any help in this would be great as I need to make a decision and I want to go in knowing my options

 

[dee_dub]

From what I know, a land contract is not particularly different than any other contract. You can negotiate whatever you can get. He's not under any obligation to refund the deposit, but some kind of split would be advantageous to both you and him. It's basically free money for him if he's getting a new down payment anyways.

 

[beachgrits]

your deposit was most likely earnest money that was appllied to the purchase price you paid for the house. Unless you are under a lease purchase agreement? If you purchased the house you are free to place it on the market and it will bring fair market value! you can sell it to whomever you choose!

 

[buddy1949]

thanks for information

thanks for the information It really helped. I know my options now, and have a little bargin room.