 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Owner of land contract
We are owners of a 15 year land contact. Our Buyer has a very good standing with her payments to us. 5 years in.
She now needs to borrow funds from a governmental program to get new windows on the house. She is wants a copy of our deed. Do we provide this to her? Or should we follow up with governmental agency and provide what they need on house directly ? Would this mean she is putting a lien on house? Don't want to discourage the upgrade but don't want a lien either |
||||
|
||||
|
What state or country are you in?
If it's in the U.S. providing her with a copy of your deed will not by that simple fact, enable anyone to create a lien on the property. As a matter of fact, anyone can get a copy of the deed; it's a matter of public record. But, again depending on where you are, if someone spends money to improve the house they may be able to record a "mechanic's lien". And, depending on the terms of the contract, the buyer may not have the right to replace the windows without your permission. I know if I were writing such a contract that is what I would provide. Therefore, if you allow the windows to be replace you may be in effect giving whoever provides the money for the windows the right to record a mechanic's lien. |
||||
|
||||
|
As AK said, the deed is public record. What I would recommend is that you create an addendum to the contract that gives them permission to make the improvements but makes them solely responsible for payment and makes the improvements part of the property.
|
||||
|
||||
|
If this is the US, yes, she will want a copy of the deed in THEIR name, normally, just a land contract does not make them the legal owner, they do not legally own the property till the last payment is made and the deed is transferred over.
Most programs are loans, not free money, and most are not even real government programs but only marketed that way by construction firms, using the energy tax credits to make it sound like a government program. You need to get all the details and even be present at any discusson on this. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Live in Wisconsin and have land contract for cabin. Person that was the seller (person who financed) passed away two weeks ago and have hear nothing regarding his death. Heard through grapevine so to speak. Up to date with regard to payments. Question is in the state of Wisconsin can the seller...
If 2 people are on a valid house title, can one create a 'land contract' with an individual without consent of other person on title?
The person who owns the land contract dies and there is no will, what happens to the contract?
Hey guys, I bought a home a few years back and the builder was holding onto the adjacent property to eventually build another house on it. Over the last few months with the way the economy has declined the builder has called me and offered the piece to me for under $15,000. We finally came to an...
View more questions Search
|
