Land contract information

[BUSYGIRL67]

i live in nys and am considering buying a house on a land contract. the owners currently have a mortgage on their house with a lending institution and are planning on moving to another state. will the land contract prevent them from being able to obtain a mortgage for a house in the state they are moving to as the current mortgage will be paid by our monthly payments? also any other information or internet links on land contract laws in nys would be appreciated.

 

[HomeGuru]

The sale should not affect their credit. Be sure to make certain that their mortgage note does not contain a due on sale or transfer clause.