CATEGORY: Land Contract Questions

Answers to Frequently Asked Land Contract Questions

If I Want to Sell My Home by Land Contract, Can I Assign the Existing Mortgage to the New Buyer?

Most mortgage contracts do not allow for the assumption of the debt by another party, even if that assignment is for the same property.

We suggest a careful reading of the existing mortgage contract, as most mortgage documents specifically prohibit such an action. Continue reading If I Want to Sell My Home by Land Contract, Can I Assign the Existing Mortgage to the New Buyer?

If I Resold my Land Contract Home to Another Person Using a Second Land Contract, What Document Should I Use to Remove Myself from the Middle?

If a land contract is no longer in effect (i.e., assuming that the ORIGINAL Land Contract has been fulfilled and both parties to that original contract are in agreement on this issue), you may wish to prepare and file a termination statement with the State. Continue reading If I Resold my Land Contract Home to Another Person Using a Second Land Contract, What Document Should I Use to Remove Myself from the Middle?

Can Home Sold on a Land Contract Be Resold to a New Buyer Before the Final Payment is Made?

A good Land Contract document addresses a secondary sale within its terms (all of Standard Legal’s Land Contracts do!). If the existing Land Contract spells out the terms for any sale by the Land Contract buyer, those terms should be followed expressly. Continue reading Can Home Sold on a Land Contract Be Resold to a New Buyer Before the Final Payment is Made?

Is There a Set Time Limit in Which an Executed Deed Must Be Provided After the Completion of Payments on a Land Contract?

The vast majority of states have no firm set time period or “grace period” for requiring the tender of a Deed for real property upon the completion of payments on a private mortage. Continue reading Is There a Set Time Limit in Which an Executed Deed Must Be Provided After the Completion of Payments on a Land Contract?

If the Seller of a Land Contract Home Loses the Property in Foreclosure, What Recourse Do I Have as the Land Contract Buyer?

There is indeed a risk to a Land Contract buyer if the Land Contract seller has a mortgage on the property being contracted. Buyers need to protect themselves during the purchase negotiations. Continue reading If the Seller of a Land Contract Home Loses the Property in Foreclosure, What Recourse Do I Have as the Land Contract Buyer?