Posted by Randy on October 03, 2003 at 10:00:56:
Check with the Realtor or Registrar of Deeds in your area, but the general answer is Yes. A Land contract or Contract for Deed gives you an equitable interest in the property, the original deed and underlying mortgage (if one exists) is in the name of the original seller and will be paid off at closing. If the proceeds of the sale exceed the payoff on the LC and the costs of sale (commissions etc.) that?s your profit.