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You are not able to report the payments to the credit bureaus.But, more often than not, individuals who act as creditors in a land contract arrangement do not report payment history because they have to pay a fee to register with the reporting agencies and report payments.

A void contract has no legal force. It is missing an essential element, and thus it is not a contract. For example, a contract to kill would be void, because it has an illegal purpose. You do not have the option to kill somebody!

Short answer: no, the seller can't back out after an inspection. However, the seller may be able to get the buyer to walk away from the transaction based on a negative inspection report.

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

To be enforceable, a purchase contract must set out the essential terms of the agreement; in particular, it must clearly describe the "three Ps" (parties, property and price) and other key terms such as the completion date and the particulars of any vendor financing or leaseback.

Have the seller credit you a portion of the purchase price. Reduce the sale price by the estimated cost of repairs. Trust the seller to hire someone to make the repairs before the closing. Hire someone to make the repairs before the closing, with the seller paying.

Contracts will be voided if there is a mistake or fraud by one of the parties. Contracts may also be voided if a party entered into a contract under duress.Examples of void contracts include contracts that are entered into by parties that are not legally competent to contract.