Alton's, Inc. v. Long

GIERKE, Justice.

D.K. Long, William R. Geyer, and Harry Dix (“the Sellers”) appeal from a district court judgment declaring a contract for deed void as rescinded and awarding damages to Alton’s, Inc., (“Alton’s”) in the amount of $81,714.79. We reverse and remand.

On December 1, 1981, Alton’s purchased property in Williston known as the Northern Hotel from the Sellers on a contract for deed. The total purchase price was $300,-000, with a $50,000 down payment and monthly payments at 14 percent interest. Alton’s intended to renovate the property into a rooming house and then sell it at a profit.

Be…