can I sell the house under a land contreact?

Answer 1

unless you have hired a listing broker, i don't see why you have to disclose that you are selling under a land contract to any real estate licensees. if one brings you a buyer, then sure, tell her.

you don't need to call AARP either: you really need to talk to a real estate attorney. that's because you need to know how to set the sale up and the intricacies of the way you sell.

the two manners of selling on contract that i've dealt with over time have been:

1. articles of agreement for deed: the buyer gives you x number of dollars as a down payment. then she pays you principal and interest on the balance for so many months (many times, for 7 years). she'd also pay real estate taxes and any insurance needed.

in this scenario, you do not give the deed to the buyer until so much of the price is paid to you. that could be 100% of the price, or it could be negotiated to a lower figure.

2. land contract: this is what developers need. they need it because they need the deed to the land so that they can get construction loans to develop the land. therefore, if i lived in your skin, i'd demand a high down payment to give over the deed at the closing. you are taking risk here. not that it's so bad, because you could be sitting on a gold mine that just is a total pain to you, and you do not want it no matter how much "gold" is in it. "gold" is like beauty: it is in the eye of the beholder. your property may be relatively worthless to you as it is today, but very worthwhile to a developer, for instance.

please discuss this first with a real estate attorney. be sure you know up front about any other details that go along with structuring your deal. for example, do you have a current survey? have you paid all the real estate taxes, and if not, how are you going to handle that before you close on the sale? do any encroachments or encumbrances exist on title? ask your real estate attorney to explain any of the terms i mention that you do not understand. or write to me at the email address provided. however, i always tell my clients that Realtors market real estate and obtain a contract, lawyers argue over the details, banks or buyers pay the money, title companies disclose title defects and insure over them, and on and on and on. so it is like getting a doctor: you need to ask your general practitioner which doctor you need for what malady.

i hope you make mucho dinero!

Answer 2

The general answer is yes you can, but you must disclose the land contract and the costs to any potential buyers or real estate agents.
Check your papers to see if there were any certain conditions that apply. You could call AARP, or a citizen's protection agency in your town for help.