 | 
09-30-2005, 12:26 AM
| | Junior Member | | Join Date: Jan 2005
Posts: 6
| |  Land Contract
What is the name of your state? IOWA
I was on a lease/purchase agreement. I did all the improvements and then some. Since the house was recorded in my name and the contract signed, I have upgraded electric, replaced plumbing, sided a barn, and much more. I have issues with the idiots around now, it was a nice place with all elderly. They moved out and trash moved in.
1. I am wondering if I can sell the house, pay off my balance owed or do I have to get a mortgage, pay it off then sell the house.
I have 14 years left on the house, I am paying insurance and taxes to the private party direct.
Thank you. |
09-30-2005, 07:34 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 28,187
| | | Sell it.
Get a title report from a local title agency, select your real estate agent, and sell the land.
__________________
There are two rules for success:
(1) Never tell everything you know.
|
09-30-2005, 08:26 AM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
| | | You absolutely sure the deed is now in your name? |
09-30-2005, 08:41 AM
| | Senior Member | | Join Date: Jan 2003
Posts: 17,471
| | | Even if you only have a recorded Land Contract (Vendee's Interest) you can still sell. The seller signs a "Deed in Satisfaction of the Land Contract" in exchange for payment of their balance at closing (or your state's equivilant), and then you turn around and deed your full ownership to your buyer. All at the same closing.
It's done all the time. I've been involved in hundreds of such closings. The important thing is that you do indeed have a Land Contract of record (or at least an unrecorded recordable one) and that the Vendor had good title and did not have debts exceeding what you owe him against the place. Did you get title insurance on your Vendee's interest when you bought?
__________________
Adoptive parents ARE "real" parents. Sharing genes is not what makes you a "parent"!
|
09-30-2005, 10:24 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by pojo2 You absolutely sure the deed is now in your name? | **A: read the post again. In a land contract, the deed is not transferred and does not go to the Buyer. | |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | | | | Thread Tools | | | | Display Modes | Rate This Thread |  Linear Mode | | 
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off | | | |
|
