Waking From a Property Tax Nightmare

(Page 3 of 3)

August/September 1998
By Jean Vernon  
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I purchased three acres of land in Indiana on a land sales contract. The transaction was recorded in the county in which the land is located. If I find a buyer who will pay cash above what I am paying, can I sell the land, pay off what I owe, and bank the profit? My friend says I cannot sell the property until I have completely paid for it. I am also told by a sales assistant that I must go through her and not directly through escrow. Is this true? Tell me please, how I would go about selling a piece of land that I am making monthly payments on? Also, if I choose, can I transfer the purchase contract into my sister's name? I would he the beneficiary and would still make the same monthly payment. If possible, please point my nose in the right direction. Thank you.

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—Georgia M. Ford
Victorville, CA

You may certainly sell your land for cash and pay off the contract balance at closing. Hopefully, you will even make enough profit to hank some money. However, there are a couple of things to consider when doing so. Read your contract carefully. Is there a pre-payment penalty if you pay off the contract early? If so, you will owe the penalty amount as well as the contract balance at time of closing.

It is unclear what you mean by sales assistant. Does that refer to a realty agent? If so, unless you have a written agreement to do so, you are under no obligation to work through her. If you have listed the property with her, that does commit you to sell through her. If the property is not listed and you find a buyer on your own, you may certainly go directly to an escrow office to close the sale. Title companies often have an escrow department that can handle a closing for you. This is convenient, as you will want to provide a title report and policy to your buyer.

You probably can transfer the contract to your sister and continue to make the payments, or allow a buyer to take over the contract, but you must check the language in your contract. In many cases, you will need the contract holder's permission to do this. Hope you have a smooth sale and a tidy profit.

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  • Judah H 1/23/2009 4:11:18 AM

    The American Recovery and Reinvestment Plan that is being pushed forward by President Barack Obama will surely benefit most consumers. But how can he be able to hit his goal of economic recovery if others would disagree with it? Yesterday, he unveiled his American Recovery and Reinvestment Plan. Republicans agreed with it by and large, but disagreed about giving handouts to states to bolster revenue. Democratic leaders disagreed with the economic stimulus by saying that the tax breaks and tax incentives in the plan won't encourage spending, even if it does get cash into the hands of working Americans and possibly keep them from getting a payday loan. President Bush's tax stimulus last year didn't have a great effect either, and they claim that the new stimulus plan will probably make about the same impact. To read more about reaction to Obama’s economic plan, visit http://personalmoneystore.com/moneyblog/2009/01/09/update-on-obamas-economic-plan-article-by-your-payday-loan-source/

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