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CalAttorney2, Attorney
Category: Legal
Satisfied Customers: 10244
Experience:  Civil litigation attorney for individuals and businesses.
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I bought my house on a land contract and lived there

Customer Question

Hello I bought my house on a land contract and lived there since 2011 with substantial equity in the home. I've had a settlement meeting what's next I haven't seen any court notices. Also I am borrowing the pay off I owe on the house does the holder of my contract have to take the money Or what?
Submitted: 2 years ago.
Category: Legal
Expert:  CalAttorney2 replied 2 years ago.
Dear Customer,Unfortunately these land sales contracts (also called "carrying paper") are sometimes fraught with fraud as there is very little regulatory oversight over the seller, and it is not uncommon for sellers to encumber the land (take out additional mortgages on the property) even while the buyer is paying on the purchase contract.These types of misconduct often lead to problems.As far as whether or not the seller is required to accept the money, unless there is a prohibition against an early pay off, yes the seller must accept the payment in full and convey title to you.If you run into problems with the seller, my very best advice to you is to hire an attorney right away (as I noted above, these transactions often have problems associated with them and the best way to get ahead of them is to get counsel in involved earlier rather than later, and hopefully this can keep your litigation and transactional costs low).To check the status of the title (to see if the seller has recorded anything else against the property) pay for a title report from a title insurance company (you can use a large national firm such as Old Republic, First American, or Chicago Title, or you can use a local firm - it is possible to go to the County Recorder's office and do a search yourself, but unless you are very skilled at doing property searches it is easy to miss something, these large firms will do a professional search relatively quickly and inexpensively - if there is a question or a concern, it is going to be well worth the money).