Olivia (User)
Junior Boarder
Posts: 33
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land contract 11 Months, 1 Week ago
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if i by property under land contact, can I sell the property right away or do I have to pay it off first? Do I need a separate option to sell?
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Jacob (User)
Senior Boarder
Posts: 65
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Re:land contract 11 Months, 1 Week ago
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With a land contract, the acquirer does not possess title under he has completely satisfied the conditions on the contract (usually complete payment to the property owner). So, if you want to sell your option to own, I would list it in the land contract that the right to acquire is transferable or can be assigned. If such language is not in the contract, you can alway make an amendment to the contract to include such provisions.
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Sumo (User)
Gold Boarder
Posts: 169
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Re:land contract 11 Months, 1 Week ago
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With a land contract you have to make sure that there is not a non-assignability clause written into it. Otherwise you might be considered in breach, because that is what you would be doing is assigning your rights under the land contract to someone else and such subordination may not work.
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