Land Contract Gone Bad Nets 6-Figure Verdict

by Michigan Lawyers Weekly Staff
Dolan Media Newswires

DETROIT, MI -- $365,000

Wilbur D. Chard Trust, the owner of a resort property in Cheboygan County, sold the property on a land contract to Jones and Adams as tenants in common with ownership at 18 percent and 82 percent, respectively.

Attorney Tony Rosati, counsel for the trust, represented all three parties in the sales transaction, and he drafted the sales documents.

The balloon payment on the land contract came due five years later on Oct. 12, 2005; however, Jones refused to pay.

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