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Home Q&A Forum could the owner finance seller still be able to change the maturity date payment term of the contract post signature.
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Contracts

Agreement Of Purchase And Sale

Texas

Asked on Sep 1, 2022

could the owner finance seller still be able to change the maturity date payment term of the contract post signature.

I sold my mortgage home by owner finance in 2016. It has 15 year maturity date term.

2 Attorney answers

Answer

Contracts

Texas

Answered 576 days ago

Max N.

ContractsCounsel verified

Business Lawyer
Licensed in Oklahoma
Free Consultation

Hello! Just to be clear, I am not licensed to practice in Texas, but I am a licensed attorney in Oklahoma. I have seen this question be unanswered for a while, so I thought I'd respond. Typically, once the parties have both agreed (by writing and signing) terms of a contract, including a maturity date for payment, the maturity date can only be changed by all parties in another signed writing. That means that one party (such as the owner finance seller) should not be able to change the payment terms of an agreement without your express approval. Hope that helps!

Use of the ContractsCounsel Q&A Forum does not create an attorney-client relationship between User and any Lawyer User. The Forum is not a substitute for legal advice from a lawyer but is intended to be educational and to help the user determine if legal services are necessary. The Forum, Content, and communications on the Forum do not constitute legal advice.

Answer

Contracts

Texas

Answered 576 days ago

Domonick G.

ContractsCounsel verified

Business Lawyer
Licensed in Missouri, Texas
Free Consultation

Depends. It must be in writing unless specified in the agreement otherwise. Further, do both party mutually agree or does the original contract all for a unilateral change, per its terms.

Use of the ContractsCounsel Q&A Forum does not create an attorney-client relationship between User and any Lawyer User. The Forum is not a substitute for legal advice from a lawyer but is intended to be educational and to help the user determine if legal services are necessary. The Forum, Content, and communications on the Forum do not constitute legal advice.
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