Can I transfer ownership of a marginally habital house ‘as is’?
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Can I transfer ownership of a marginally habital house ‘as is’?
I hold a land contract on a property in Elk New Link Destination
wnship, Lake County. The contractee
has not paid taxes on the property and a show cause hearing is pending. The
current resident is in default on the contract. The contractee has not maintained
the home and it is likely not habitable. I could pay off the taxes, repossess the
property and resell it ‘as is’ recovering most of my investment. There are other
improvements to the site such as a garage, power, well and sewer. I am not able
to invest the time and resources necessary to make the house habitable. Can I
simply repo the property and resell it ‘as is’?
Thank You,
Jack Vandedrhenst
jgvanderhotmail.com
Asked on January 29, 2018 under Real Estate Law, Michigan
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
You can IF:
1) You fully disclose all not-readily or immediately obvous issues to any prospective buyers (and when in doubt, err on the side of disclosure);
2) If you don't have or can't get a Certificate of Occupancy, the buyer agrees to take the property without one--this must be in a written agreement;
3) The buyer generally agrees in writing to an "as is" purchase.
People are allowed to buy distressed or even condemned and uninhabitable properties to renovate them, flip them, or do a tear down--the key is there must be *full* disclosure and agreement in writing.
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