Selling land, deed of trust?

[tank216]

What is the name of your state? Missouri

We bought some vacant land from a seller, and he seller-financed it on a 10 year note (purchase price 60k, we paid 10k down and financed 50k at 4% interest over 10 year amortization), so we have a deed of trust. We are wanting to sell this land to someone. Am I allowed to do so with the trust deed? Obviously, we would use the sale money to immediately pay off the rest of the loan.

Thanks in advance for your help.

 

[doucar]

Yes, it is done all the time. You will have to have an escrow that will take in the sale money pay off the deed of trust and other expenses of sale and transfer the rest to you.

 

[FarmerJ]

when you reviewed your copy of the contract did it tell you that you were barred from selling- transferring it to anyone else ? If not then you should be free to sell your interest in it to another person. Attorney should be able to handle this kind of transaction easily for you.