Can I sell a boat stall attached to my boathouse if it is on owner financed property?
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Can I sell a boat stall attached to my boathouse if it is on owner financed property?
I have a boat house on my property that is owner financed by the people I bought it from. I want to sell 1 boat stall to my neighbor. Do I need permission from the people who financed property?
Asked on August 6, 2012 under Real Estate Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Whether or not you are allowed to sell the boat stall on the unit you are buying from the owner on a seller carryback depends upon what the purchase contract, promissory note and trust deed (mortgage) state. Most likely the sale of any portion of the property being purchased mandates that all proceeds be used to pay down the note on the carryback.
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