I need to know if a realtor in colorado can act as a private investor on a land contract that they write?

Just bought a condo thats balooning on an interest only in 3 months and dont know what happens if i default because my purchase contract is my loan agreement. The person i bought condo from is realtor who acted as the listing agent, buuyers agent and the private investor. The realtor owned the property i bought. Does this sound fishy? my purchase agreement says i can pay 6% intrest and if i default i can pay 18%- does this mean i cant get out of this loan. I am hearing impaired so i was kind of confused at time of closing. can anyone help me?

the loan is secured by a strict due on sale. The promissary note is based on a 245 month payment including principal and intrest (off of purchase agreement word for word). The principal and accrued interest shall be due 2 yrs after closing. Loan also contains the following terms- late if paiafter the first of month and charged a 10% of monthly payment penalty.Interest on lender disbursments under deed of trust shall be 18% per annum and default interest rate shall be 18% per annum. what does this mean?

Land contracts are Illegal!!!

Your Realtor should have know that.

If you agreed to a promisary note - then the terms of the note are in full effect, but title should have transefered to your name.

Not enough information to give you a great answer but keep in my LAND CONTRACTS are no longer an option for Colorado Realtors

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