What is legal for contract for deed?

[Frustrated RN]

What is the name of your state? MN


We have contract for deed that is not filed officially with the county. Now want to sell the house but feed holder will not sign off and want the proceeds of the house sale. Is this correct? What are our rights with this contract for deed.

 

[HRZ]

As vender ( buyer ) you face a 2% fine for failure to record.

It may be simpler to borrow funds , pay off the contract and secure the deed then sell property ?

 

[Whoops2u]

I am uncertain about what you are asking. In a contract for deed sale, you usually don't own the property until the amount was paid and the contract fulfilled. Are you in default in any way? Has the seller given you "notice" you are in default?

It's hard to guess about what is happening without seeing a contract. That is the first place to look to your potential remedies. Has the seller defaulted in any part of the contract? (A violation of reasonable assistance in recording for example.)

 

[adjusterjack]

What are our rights with this contract for deed.

If you don't know that, you had no business getting into the deal in the first place. Consult an attorney.

 

[FarmerJ]

Why didn't you record that contract back when you first bought it ? You may well want to have a title search done NOW to make sure that the seller has not done any thing like getting a mortgage on it with out your knowledge.