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

    May 25, 2008, 09:18 PM
    Contract for Deed w/mortage on property
    I currently own a home in Tampa, FL. I have a mortgage on the property. Can I legally sell the house on a "Contract for Deed" if I still have a mortgage on the property? We would like to sell quickly and think that offering this option would get us a buyer quickly.
    pacific nw's Avatar
    pacific nw Posts: 117, Reputation: 11
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    #2

    May 28, 2008, 08:51 PM
    Yes an no.

    Read your Deed and see if there is a "Due on Sale" clause. It threre is one, almost all have that clause since the 1970's, then you'd want to check with your lender to see if they would allow a Contract for Deed or "wrap around" as it is sometimes called. The lender may want to qualify the buyer for the loan and transfer it to them.

    An alternative might be to do a "rent with option to buy" where after someone can show that they have made 12 months of payments on time to you, and you have paid the mortgage on time to the lender, the lender may allow them to assume the loan or another lender may do financing for the property.

    A good Real Estate Attorney can explain the various options to you and how to protect your interests. There are definite risks in each option.
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