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    divindaze's Avatar
    divindaze Posts: 2, Reputation: 1
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    #1

    Aug 17, 2009, 02:10 PM
    Liabilities during land contract
    I am considering selling a house on a land contract. I have an existing mortgage already. Can I do this?

    If so, will I be responsible for the property taxes and insurance before my buyer pays off the contract (the time in which I would sign the deed to him)?
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #2

    Aug 17, 2009, 08:11 PM

    Yes, this is perfectly legal and done every day. Yes, you will be responsible for paying property tax and insurance as it is technically still your property until it is finally paid off by the person buying it. If you don't pay the taxes and the insurance and the "buyer" says "Oh, I'll pay it" - don't do it as you will end up paying it when they default on the contract. Been there, done that. Pay it yourself.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Aug 17, 2009, 08:37 PM

    You an add the cost of insurance and taxes as a cost. They may want to have their own insurance for their property

    You have to consider do you have time t do this
    divindaze's Avatar
    divindaze Posts: 2, Reputation: 1
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    #4

    Aug 21, 2009, 05:14 AM
    Thanks, this is helpful.
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