If Iam purchasing a seller financed home and the sellers wants to restrict me from renting or having a second lien on this home until the first mortgage is paid off, is this legal?

Get Legal Help Today

 Secured with SHA-256 Encryption

If Iam purchasing a seller financed home and the sellers wants to restrict me from renting or having a second lien on this home until the first mortgage is paid off, is this legal?

Asked on March 13, 2012 under Real Estate Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

From what you have written, if there is a seller carryback loan for the parcel that you are buying, the sellers can restrict you from renting out the home or having a second mortgage on it until there loan is paid in full.

There is nothing illegal or improper by the sellers' request to protect the security that they are loaning on under the laws of all states in this country.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption