This is an incredibly eye-opening 20 minutes, and worth watching multiple times. Thank you so much for introducing us to Mr. Scharaga. Surfing his web site is also time well spent.
Friend of mine bought my house land contract was supposed to make final payment in 5 years, doesn't look like he's gonna make that 5yr date. Would I get to reclaim the house or does the court give him more time to make final payment
What happens if buyer dies before making last payment? Can a seller get Leins against the title if you filed your contract for deed with a title company?
Usually, the buyer's rights (and debts) to the property would go to their heirs or whoever gets the buyer's stuff according to their will (if they have one). This means the person who inherits the buyer's position has to keep making payments under the terms of the original contract. Also, if you recorded a memorandum of land contract (or a mortgage, in case you didn't use a land contract), you would already have clouded the title, making it pretty hard for that seller or their heirs to sell the property to anyone else until you release it.
Love the info just wanted to know as a buyer is there a way I could sell a house that I bought through a land contract. I know the deed is still under the sellers name but if I fix the house up and bring the value up could I sell it and payback the seller and make a profit? I would like to know if there is a way to do that.
@@Chopping-it-up yes you can. You should first file a copy of the contract with a title company. That puts your name on the title. The title must be clean though. No outstanding loans or leins
@@tb808 Thanks so much for your fast reply. I am looking to buy a house that is being sold on a land contract. And plan on fixing it and renting it out. But I don't want to keep the house for the 18 years they want. I would like to sell it in a few years. Can I also refinance doing it like this?
