If a person is purchasing land via a land contract can they sell a portion of the land prior to making the final payment?
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If a person is purchasing land via a land contract can they sell a portion of the land prior to making the final payment?
Or do they need to wait until the final payment is made to sell a portion of the land?
Asked on September 5, 2012 under Real Estate Law, Wisconsin
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
The person may not transfer title yet, if he or she does not have it; so in that sense, they cannot sell the land. However, they can contract to sell it once they have future. So, for example, say the last payment is due December 31, 2012, at which point the person will own the land. The person cannot transfer ownership to someone else until they make that last payment and the land is first transferred to them; but they could enter into a contract today under which they agree to sell the land as soon as the last payment is made and they have title.
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