We sold a house on land contract in Feb. According to the terms of the contract, the buyers were required to pay a $5000.00 balloon payment ...

Question

We sold a house on land contract in Feb. According to the terms of the contract, the buyers were required to pay a $5000.00 balloon payment by Aug. 28th of this year. They have not paid it as of this date. Also, we have received notice from their homeowners ins. company that their policy was canceled for the second time due to insufficient funds in their bank account. Can we take the property back and call the contract in default?

Answer

Most likely you can. But you have to start legal court proceedings to enforce the contract.