Reselling Property on Land Contract

[tshores]

What is the name of your state? Michigan

We purchased a parcel of land on a 5 year land contract one year ago. We are thinking of reselling it now and want to make sure that we can sell it to another party on a land contract, payable before our contract is up. Can we do this? I am not sure what to look for in the paperwork of our land contract to see if there is any restrictions for us reselling the property. Any help would be greatly appreciated, thank you.

 

[JETX]

We purchased a parcel of land on a 5 year land contract one year ago. We are thinking of reselling it now and want to make sure that we can sell it to another party on a land contract, payable before our contract is up. Can we do this?
Without reading all the terms of the contract, the GENERAL answer is no... you can't sell something you don't own.
I suggest you get a short-term loan and pay off the existing note and take ownership. Then sell the property and use the proceeds to repay the loan.

I am not sure what to look for in the paperwork of our land contract to see if there is any restrictions for us reselling the property.

Then take it to a local attorney.