All Forum Posts by: Christopher Yang

I sold a house 4 years ago on a land contract. As of February this year, the terms and conditions have been satisfied and the buyer does not owe me any more payments on the property according to my amortization schedule. They did send me another payment in March so now I am overpaid. I called the real estate agent and asked them what amortization schedule they used and why this buyer is continuing to pay me. The agent told me that if the loan has been paid off I just simply need to write the buyer a letter stating that the loan is satisfied and the buyer can take that to get deed transferred to their name. This is my first house sale ever and I did it on a land contract to make matters worse, so naturally I feel uneasy about the carefree nature of it all. I have been searching through Google but could not find any example of letters stating that the land contract is paid in full, basically stop sending me money because I don't want to pay back any overpayments. If it's not the job of the agent to let both parties know when payments are done and what steps to take next, then to whom should I defer to? Title company? Hire an attorney? Selling on a land contract was the agent's idea after all so I expected a bit more of a formal process than having me write letters and calculate my own amortization tables. Searching through Google I've also read that the seller which is me, needs to fill out that paperwork and pay for the deed transfer, this is new to me as well. Anyone with guidance to help me along would be appreciated.

I am living with my parents rent free and have enough saved up to buy a duplex. Instead of renting out one unit to a tenant and one bedroom to a roommate and sleeping on a couch for a year, I figured I could rent out both units right away and continue living with my parents. Both places are close enough to my workplace that the commute wouldn't be highly affected. I know with the residential loan I am supposed to live in the duplex for a year but who's to say that I don't live there if I just change my mailing address and visit once in a while? Would the bank send someone out there to verify? It would still be hard to argue that I don't live there if I leave some of my stuff there and spend some time there. What would be the ramifications if they find out that I don't live there? It would be much more comfortable having my own bedroom in my parent's house than sleeping on a couch or a trailer outside the property  for a year and my parents are fine with me living with them for however long I want. This way I could save up even more and get an even better house next year. Any comments or answers would be appreciated.