real estate notes (contract, closing, seller, loan)

[gabbynieves]

I currently own a seller financed condo. I PAY him mortgage payments like a bank. I have someone who
wants to pay cash for my condo. My question is , does the note have to be paid at time of closing like a bank loan or can I continue to pay the note on a monthly basis and keep the cash from the sale.

[tomocox]

Originally Posted by gabbynieves

I currently own a seller financed condo. I PAY him mortgage payments like a bank. I have someone who
wants to pay cash for my condo. My question is , does the note have to be paid at time of closing like a bank loan or can I continue to pay the note on a monthly basis and keep the cash from the sale.

If you have a seller who allowed a note without a clause requiring payoff at closing, then I would guess you have the freedom to pay as you go. Stupid seller.

[oregonwoodsmoke]

No, you can not convey clear title if there is a large mortgage on the property, private or not. In effect, right now, you do not own the property and thus, you can not sell it before it is paid for and you own it.

[Silverfall]

It depends on what you contract says. Most have a due on sale clause.