 |
Land Contract |
| |
 |
In order to sell a house in Michigan on a land contract, where I will finance the buyer, does my existing mortgage need to be paid off?? |
| |
| |
 |
With a land contract, the usual arrangement is that the seller holds the buyer's mortgage, collecting the money on a sort of installment plan.
Land contracts are complicated arrangements, and you need to involve your own real estate lawyer right from the start. The buyer should have one too. That's particularly important if you already have a mortgage on the property. |
| |
|
Edith
Originally published on February 7, 2008 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
