land contract

[midwestms]

What is the name of your state? IA

I am buying a house on land contract. I originally purchased lease to own. Had to put in $7 repairs and pay 2 years then I could buy it and I did. No that I have been here 5 years. I have59K left on the house.
My name is on as the owner, the Deed is in the sellers name. I pay them direct. I pay taxes, insurance, monthly normal bills and all repairs
1. Can I rent out the house?
2. Can I sell the house?

My health is going bad and I am just wondering what my option are other than pay it off. I know I should get a loan and pay them off then sell, but I am thinking I might have other options.

Thank you for your time and feedback.

 

[LindaP777]

Please clairfy.

My name is on as the owner, the Deed is in the sellers name.

On what as the owner?

 

[midwestms]

Name is on taxes and contract bill of sale

They just have their name on the deed to stop the extra paperwork, the majoity of people who buy from them cannot pay and get kicked out so that is in their court don'thave to go thru the 3 mo eviction stuff I guess. The contract states"Real Estate Contract Installments" Sellers sell to the buyers....deed for buyers subject to mortgage..
In case of the assisgnment of this contract.prompt notice shal be given to other parties...Any assignment shall not terminate the liability of the assignor....
....does that help? NOt sure what I can or cannot do. The more I read, the more I need to get a mortgage pay them off and pay the bank then I can sell right? NO other options?

 

[seniorjudge]

Q: The more I read, the more I need to get a mortgage pay them off and pay the bank then I can sell right?

A: Without reading the contract (and most of them are horribly written), I believe you are correct.

 

[efflandt]

I don't know if you can find a buyer and simultainiously pay off the contract at closing (title insurance may be a problem). If you do get a mortgage to pay off the contract, make sure the mortgage does NOT have a prepayment penalty.

 

[nextwife]

(title insurance may be a problem). .

Actually, "Iowa is currently the ONLY state in the United States that does not allow the sale of title insurance."

http://www.iowarealtors.com/legislative/titleinsurance.htm

Hopefully, at minumum, our poster obtained an update on the abstract and an attorneys title opinion before proceeding, so they at least knew if the Vendor was capable of delivering good title at the point the vendee makes their baloon payment.