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Asked in IA May 21, 2022 ,  0 answers Visitors: 1
I am selling my home on a contract for deed. I owe $98,000 on a $100,000 mortgage loan. I am selling the home for $105,000 and asking for 7.65% down, which is what our interest rate is with the lender. Do I need to ask to run a credit check on my buyer and ask them to take out title insurance?
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2 Answers

Anonymous
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Posted on / Mar. 05, 2010 06:22:00

You need to take a look at your mortgage (or have an attorney review it for you). Likely there is a due on sale clause in it. This means you cannot sell it on contract, or let someone take over your payments, without the lender's written consent. And your lender probably will not give you written consent. Even if you are able to get your lender's written consent, you should contact an attorney to guide you through this.

Anonymous
Reply

Posted on / Mar. 05, 2010 06:22:00

You need to take a look at your mortgage (or have an attorney review it for you). Likely there is a due on sale clause in it. This means you cannot sell it on contract, or let someone take over your payments, without the lender's written consent. And your lender probably will not give you written consent. Even if you are able to get your lender's written consent, you should contact an attorney to guide you through this.

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