Since: Dec 09

Falls of Rough, Kentucky

#22 Nov 17, 2011
Asdf has a point if they can not get a loan from a bank there is a reason. Get them to sign a release and check their credit reports. The land contract law has been changed in Kentucky. To get your property back under Kentucky law you must foreclose and sell your property to get your money back, if you get more money during the sell than what the contract is for you must give that money to the buyer. There may also be repercussions if the buyer has done improvements on the property, I don't know about that part, you need to check with a lawyer.

Example if you sell a peace of property under a land contract for $80,000 and you foreclose on the property that sells later for $100,000 then you have to under the law give the buyer $20,000. Some dishonest people are going around and trying to use this new law to make money on the sellers.

It is now treated under Kentucky law just like a mortgage to a bank, the seller acting as the bank. I am no lawyer, but it would be a very good idea to get one if you intend to sell a property under a land contract.
tommy

Hillsboro, KY

#23 Nov 20, 2011
B--- SH--
morg

Morehead, KY

#24 Nov 22, 2011
I am also interested in possibly doing a land contract if the property is what we are looking for. My email is [email protected] Please contact me
clearfield man

Morehead, KY

#25 Dec 29, 2011
union worker wrote:
land contracts are illegal in Ky aren't useable in court in this state
That is completly false! Land Contracts are legal in KY. You have to file the paper work using a lawyer and change deed with lean etc. I know for a fact because I had this done a few years ago. The new law protects the buyer from the seller. If land is foreclosed upon the land has to be sold and the seller gets payoff and any extra goes to the buyer to protect them from being riped off by the seller. It has to be foreclosed on same as a mortgage company.
wow

Greenville, KY

#26 Dec 29, 2011
union worker wrote:
land contracts are illegal in Ky aren't useable in court in this state
Yes they are legal if you have a lawyer do the paperwork and file the contract at the courthouse in ky
jenny

United States

#27 Dec 30, 2011
Well I'm looking for a 3 to 4 bedroom place on land contract anyone know of any places
wow

Greenville, KY

#28 Dec 31, 2011
Elmer hunt has property at salt lick trailer and lot number is in the book
Donna

United States

#30 Jul 31, 2012
I would like to find something in Morehead ky on land contract if anyone has or knows of aomething please email at [email protected] thank you

Since: Sep 12

Morehead, KY

#31 Sep 10, 2012
i am looking for about 3+acres in or near morehead ky on land contract.. around $15,000 around $400 monthly payments
please let me know if and one has anything avalible
thank you

Since: Sep 12

Lexington, KY

#32 Sep 14, 2012
property owner wrote:
I have something that might be coming available soon for a possible land contract. What kind of payments are you looking to make?
i have been looking for something on land contract 3+acres about 400 monthly.
whats your land like?
John saying

United States

#33 Oct 31, 2012
Looking for a 3 bedroo mobile home on land contract in Fleming county around 350 a month or a house
John saying

United States

#34 Oct 31, 2012
I would consider anything in surrounding county 3 bedroom house or mobile home on land contract Fleming or mason county
djroberts

Sweetwater, TN

#35 Feb 1, 2013
Looking for five acres with trailer or home on just over ohio line into kentucky on land contract.if u have anything please email [email protected]
cause

Morehead, KY

#36 Feb 2, 2013
Property Owner: I am intrested also please e-mail me what you have aval.
[email protected]
Wrong

Morehead, KY

#37 Feb 6, 2013
Asdf wrote:
<quoted text>
Not illegal... Just dumb
To enforce them you have to foreclose. Foreclosure takes around 12 months and involves thousands in legal fees. If a bank won't extend credit why would you, there is a reason for why!
no they are illegal after the mortgage crisis in 08 call an attorneys office and ask them to prepare one for u
Chas

Charleston, WV

#38 Mar 17, 2013
deray wrote:
Asdf has a point if they can not get a loan from a bank there is a reason. Get them to sign a release and check their credit reports. The land contract law has been changed in Kentucky. To get your property back under Kentucky law you must foreclose and sell your property to get your money back, if you get more money during the sell than what the contract is for you must give that money to the buyer. There may also be repercussions if the buyer has done improvements on the property, I don't know about that part, you need to check with a lawyer.
Example if you sell a peace of property under a land contract for $80,000 and you foreclose on the property that sells later for $100,000 then you have to under the law give the buyer $20,000. Some dishonest people are going around and trying to use this new law to make money on the sellers.
It is now treated under Kentucky law just like a mortgage to a bank, the seller acting as the bank. I am no lawyer, but it would be a very good idea to get one if you intend to sell a property under a land contract.
That only applies if the seller is trying to evict the buyer when the buyer only has a few payments left till payoff..if so then the buyer would get what was left over after the seller foreclosed and paid the taxes....this law was put in place to protect the buyer....as there is also laws in place to protect the seller

Since: Dec 09

Falls of Rough, Kentucky

#39 Mar 18, 2013
Chas wrote:
<quoted text> That only applies if the seller is trying to evict the buyer when the buyer only has a few payments left till payoff..if so then the buyer would get what was left over after the seller foreclosed and paid the taxes....this law was put in place to protect the buyer....as there is also laws in place to protect the seller
You can not evict, you must foreclose under the new Kentucky laws like a bank. The law also states plainly that if the a buyer purchases a property for as in the example $80,000.00 and the property is foreclosed on and sold for $100,000 then the original buyer under the land contract is to receive 20,000.00 dollars under the law here in Kentucky under the new law.

I know this for a fact because I have already gone through it. The only way a seller can get out of it is by using a dishonest judge who will illegally use the old law of eviction. Eviction does not exist under the new law without forecloser, but some dishonest judges have been doing it anyway in some counties for their friends. In that case of eviction without forecloser the buyer should get in contact with the Judicial Committee in Frankfort, KY that handles complaints against judges and make a formal complaint.
thought

Grayson, KY

#40 Mar 18, 2013
owner wrote:
I have a cabin in menifee county,,,30min drive to morehead. One bedroom. for sale or possible land contract [email protected]
if you still have, whats the price?
kyaussies

Albany, OH

#41 Oct 29, 2014
we want o do a land contract on the land and home we are living on, but the landlord wants to lease out the hunting rights and keep the hay off the property, she cant do that right?

Since: Oct 14

United States

#42 Nov 20, 2014
Asdf wrote:
<quoted text>
Not illegal... Just dumb
To enforce them you have to foreclose. Foreclosure takes around 12 months and involves thousands in legal fees. If a bank won't extend credit why would you, there is a reason for why!
Not illegal or dumb. Some people dont trust banks. They make and break people. Just like its illegal for a bank to hold on to a check then they take the next one two days early and cause you to over draw. Land contract. Put you miss two payments you have 30days to have them and next payment or your out in 24hrs. Is all that had to be put in their to cover the saler.

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