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Buying or Selling a Home/land contract
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Question
Can a land contract be assummed or transfered from the current person to another person. I live in Michigan. Thank you.
As far as I am concerned, Wayne, I would say yes. However, it may depend on what it says or doesn't say on the land contract itself. If there is nothing about transferring, then it would be okay. If it does address it and forbids it, it could be a problem. Banks, for example, have on their mortgages that it is not transferable. However, if it turns out that the transferee has been making payments on time with no problem, chances are the banks will look the other way. It could be the same with land contracts.
I wish you well, Wayne
Dick Dennis dixiedee13@aol.com
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Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
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