Legal Question in Real Estate Law in Kentucky

Sell property with contract for deed pending

We bought a house on contract to deed. We pay interest free payments. Currently we have payed off half of the debt. We would like to move. But we would also like to be able to take some of what we have invested into the property. Can we sell the property provided we pay off the balance of the contract? Would our current deed holders have to be present for us to sell. Do most real estate agencies deal with situations like this often? (our contract to deed was signed and drawn up by their attorney)


Asked on 12/28/03, 4:41 pm

1 Answer from Attorneys
Philip Owens Philip M. Owens, Attorney at Law

Re: Sell property with contract for deed pending

That is an unusual name for it. your contract will (or should) contain the requirements for pay-off. In most cases you are entitled to the deed upon full payment. BUT READ YOUR CONTRACT!!. The provisions contained in the contract govern ALL performance. For example, there may be a provision against an early pay-off or there may be a provision against your assigning the contract preventing you from assigning your rights (at a profit) to a third party. ( a good option if you cannot pay-off early).

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Answered on 12/28/03, 10:28 pm


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