Q: If I am buying a house on land contract in Michigan am I allowed to sell as long as the land contract holders get payoff
I want to sell a house I am buying on land contract
A: Yes is the simple answer. This type of sale is not unusual.
Kenneth V Zichi agrees with this answer
A:
I concur, the 'simple' answer is usually 'yes', but the land contract itself needs to be consulted before you go too far. For example, there may be a 'due on sale' clause meaning you have to pay off the land contract *immediately* upon such a sale, or it may not depending on what your contract says. Or there might be a 'restriction' (for example, Habitat for Humanity puts restrictions on reselling property based on the 'charitable' nature of the original transaction, although that is usually in the form of a mortgage rather than land contract) that would prevent such an action.
Get legal advice SPECIFIC to your situation before you go too far in any decision! Hiring an attorney is a really cheap insurance policy to make sure things go well!
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