Legal Question in Real Estate Law in Indiana

Good afternoon, I am wanting to see about assuming a land contract in Indiana. The contract has been fully paid for 4 years, and will pay-off in 1012. The LTV on the refinance will be about 40%. Is there a way that I can assume said contract, without having to write/sign/negotiate a new deal? The current land contract vendee cannot secure financing and the land contract vendor is wanting to see about alternative buyers/financing. The vendee is 100% on board for me to assume the contract, if that is a viable option. Thanks in advance for any insight/advice that you may be able to offer.


Asked on 9/25/09, 5:31 pm

1 Answer from Attorneys
Jay Rigdon Rockhill Pinnick LLP

You have to give the contract to a lawyer to read. Some land contracts are assignable by the original purchaser and some are not. If both original parties are in full agreement, there is no problem either way, and you may do this.

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Answered on 9/28/09, 9:33 am


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