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Is it legal for a land owner to enter into a land contract when they have a mortgage?
Wiki User
∙ 12y ago
If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.
If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.
If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.
If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.
If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.
If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.
If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.
If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoIf you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.
If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.
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Can you apply a lien against an apartment for work that was done?
Yes. You can if you have a contract with the owner of the property. You should seek legal advice.Yes. You can if you have a contract with the owner of the property. You should seek legal advice.Yes. You can if you have a contract with the owner of the property. You should seek legal advice.Yes. You can if you have a contract with the owner of the property. You should seek legal advice.
Does owner financing and contract for deed mean the same thing?
When a home seller offers "owner financing", they are essentially offering to hold a mortgage note for the deed on the property. The mortgage note is the "contract". The contract pledges the deed to the buyer once they pay in full. Once the "contract" is paid off, then the deed is transferred to the buyer as the new owner.
What is a mortgage assigned?
A mortgage assignment is a legal document whereby a lender transfers all its rights under a note and mortgage to another lender. The property owner continues to make their payments to the new owner of that mortgage.
Can I leave a mortgage to my daughter in my will?
Yes, if you are the owner of the mortgage or the mortgagee.Yes, if you are the owner of the mortgage or the mortgagee.Yes, if you are the owner of the mortgage or the mortgagee.Yes, if you are the owner of the mortgage or the mortgagee.
Can a mortgage be based on an unenforceable contract?
A mortgage is a legally binding agreement signed by the owner of real property by which the owner transfers their property to the lender as security for a loan. There is a note associated with the mortgage. The note obligates the borrower to pay the loan at a specified interest rate within a specified length of time, or in some cases, on demand.There are factors that could make a mortgage and noteunenforceable such as when a lender does not make certain the mortgagor is the legal owner of the property.You can add details on the discussion page to explain what you mean by a mortgage based on an unenforceable contract.A mortgage is a legally binding agreement signed by the owner of real property by which the owner transfers their property to the lender as security for a loan. There is a note associated with the mortgage. The note obligates the borrower to pay the loan at a specified interest rate within a specified length of time, or in some cases, on demand.There are factors that could make a mortgage and noteunenforceable such as when a lender does not make certain the mortgagor is the legal owner of the property.You can add details on the discussion page to explain what you mean by a mortgage based on an unenforceable contract.A mortgage is a legally binding agreement signed by the owner of real property by which the owner transfers their property to the lender as security for a loan. There is a note associated with the mortgage. The note obligates the borrower to pay the loan at a specified interest rate within a specified length of time, or in some cases, on demand.There are factors that could make a mortgage and noteunenforceable such as when a lender does not make certain the mortgagor is the legal owner of the property.You can add details on the discussion page to explain what you mean by a mortgage based on an unenforceable contract.A mortgage is a legally binding agreement signed by the owner of real property by which the owner transfers their property to the lender as security for a loan. There is a note associated with the mortgage. The note obligates the borrower to pay the loan at a specified interest rate within a specified length of time, or in some cases, on demand.There are factors that could make a mortgage and noteunenforceable such as when a lender does not make certain the mortgagor is the legal owner of the property.You can add details on the discussion page to explain what you mean by a mortgage based on an unenforceable contract.
Does a quick claim deed take your name off the mortgage?
No. If you signed a mortgage while you owned the property then you are responsible for that mortgage until it is paid off. If you agree to transfer your interest to a co-owner you should make an agreement that the mortgage must be refinanced in the new owner's name alone. You should consult with an attorney to protect your legal interests.No. If you signed a mortgage while you owned the property then you are responsible for that mortgage until it is paid off. If you agree to transfer your interest to a co-owner you should make an agreement that the mortgage must be refinanced in the new owner's name alone. You should consult with an attorney to protect your legal interests.No. If you signed a mortgage while you owned the property then you are responsible for that mortgage until it is paid off. If you agree to transfer your interest to a co-owner you should make an agreement that the mortgage must be refinanced in the new owner's name alone. You should consult with an attorney to protect your legal interests.No. If you signed a mortgage while you owned the property then you are responsible for that mortgage until it is paid off. If you agree to transfer your interest to a co-owner you should make an agreement that the mortgage must be refinanced in the new owner's name alone. You should consult with an attorney to protect your legal interests.
Who can give permission to enter a parcel of property?
You must get permission from the owner or the owner's legal agent.
When is an adjustable rate mortgage calculator useful to you?
An adjustable rate mortgage calculator would be of interest - and use - to you if you were the owner of an adjustable rate mortgage (a mortgage with a potentially fluxuating rate) or if you were considering the purchase of a home under the contract of an adjustable rate mortgage.
When does someone become the legal owner of a property?
Generally speaking you become the legal owner when the deed is recorded. However, there are troublesome practices in certain states that blur the distinctions of who is the legal owner such as states that allow "contract for deed" transactions.
How old can you be to purchase a home in New Jersey?
You need to be at least 18 (or a legally emancipated minor) to enter into a contract, such as a home purchase. There is no upper limit on age for cash purchasers, although some mortgage companies might be reluctant to grant a mortgage with a low down payment to someone over 70. (A youthful co-owner might help, or mortgage insurance.)
What is legal mortgage?
The legal mortgage in land registry transfers the estate or interest in land or other property for securing the repayment of debt.Since the legal title can only be transferred once by the current owner(mortgagor) to a mortgagee,it follows that only the first mortgage can hold this distinct status.A legal mortgage is therefore a document in which the direct conveyance of title is involved subject to the repayment of a debt.
What can you do if you have givin the deed to a house to a person who you have a contract with and has not paid you any monies toward the house as per contract you are in the state of California?
If the buyer executed a mortgage in your favor then all you need to do is foreclose on the mortgage and take possession of the property. If the money due to you from the sale is not in the form of a mortgage in your favor then you will have to take your chances suing the new owner in a court of equity for breach of contract.
