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    Smith3488's Avatar
    Smith3488 Posts: 1, Reputation: 1
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    #1

    Jan 4, 2007, 02:02 PM
    Buyer Selling a home they have on Land Contract
    I have a land Contract on the home we live in now. We are getting a new home. I have been told to sale the house we live in now. Pay off the Land Contract and keep the profit. Can you do this? How?

    Thanks
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Jan 4, 2007, 02:07 PM
    If you have a contract on your current residence you don't own it. Therefore you can't sell it. You would have to negotiate with the owner to pay the balance of the contract, transfer the deed to your name, then sell the property.
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
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    #3

    Jan 4, 2007, 02:30 PM
    I don't agree. I've gone this route a few times. Unless it's a term of your land contract that you NOT pay it off early, you can sell it and pay it off... just the same way you would if you had the contract with a mortgage company.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Jan 4, 2007, 05:52 PM
    I will agree ( I think) with Rick, I have bought several homes on land contracts and I have sold many on contract.

    In all of mine there is no clause that says I can't sell it.

    The issue is at closing what happens, I have a right to buy, so at closing there is a check for the owner of the deed, there is a check for the person with the contract for the balance.

    In some cases they make it be a double deed transfer, one deed to the contract holder, who then signs another deed to the new buyer.
    This doubles some of the closing costs. If they will let you close with one deed transfer from current owner to the new owner it is easier

    Now again this has been in GA, MO, AL and TN. Other states may be different
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Jan 4, 2007, 06:50 PM
    Well I was only partially wrong. I was sort of right that the contract holder can't sell it until they buy it. But what I think Rick and Chuck are saying is that you can enter into a contract to sell it. Then, at closing, you can pay the owner off with the proceeds of the sale, and do a transfer of deed. At that point.
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