Purchasing a flip from a seller who is on a land contract

[A.R. Coningsby]

Im in talks with a seller to buy an off market property in NE Ohio with my goal being to rehab and flip. He is currently on a land contract in which he owes about 20k on, and he is asking 55k for the property. I am still putting numbers together to create an offer as there is fair amount of rehab needed on the house. i have not seen the contract sell is on. Called couple title companies and they were not able to provide any useful info.

In order for me to acquire this property, how would i go about doing this? I imagine the land contract has to be taking care of first, and the 20k owed be paid off beforehand?

Any and all advice would be appreciated. Thanks

[Aimee Parker]

Hi A.R!

Maybe I can help.  It would depend on several things, such as if his land contract was recorded.  I would suggest it be a typical closing, where the lien holder of the land contract (original property owner) be paid their remaining $20K, and proceeds then to your Seller.  My title company services all of Ohio, and we have a legal team on staff.  This might be an ideal situation as Wayne stated to have an attorney assist with this.  You definitely need to have the title search done, to protect your investment.  I am not sure that you need to have the land contract transferred to you first, etc etc.  I think that may be an unnecessary step and expense.  Reach out to me if you want to discuss further, I'm happy to offer what I can to help!