Installment Land Contract
Contract says ''entered into on May 1, 2007''; signed by the parties May 24, 2007; Recorded May 30, 2007. Late Charges clause states ''payment not made within 10 days after the date it is due'' then there is late payment fees. The dowpayment is listed as ''First Month Payment'' and was rendered on May 14, 2007 without any clarification as to what exact month that payment is for other than ''First Month''. There is no ''date due'' in the contract at all. Is there any law that clearly defines what date would be the due date for payments and/or what date each month the payment would be considered 10 days late?
Re: Installment Land Contract
No there is no "law" that provides a "gap filler" as there is for the sale of goods.
There is an assumption that where a contract is unclear or vague then that term is interpreted against the drafter. The theory being the person writing the contact had the time and opportunity to write down what the meant in clear language.
Sounds like neither the seller who drafted the contract nor the buyer thought it was necessary to consult a lawyer. So this wouldn't be the mess it is. Which unless you and the seller agree to amend the contract is going to cost you and the seller probably 10 to 20 times more then having a lawyer from the get go.
If you have any questions feel free to contact me. The initial consultation is free.
{John}
