Posted by Michael Morrongiello on March 13, 2000 at 15:27:29:
If you are to formally step into the shoes of the current purchasers who are buying the home under the terms and provisions of the land contract instrument with the seller then you should be able to use “an assignment of purchasers interest in land contract” type form.
I would suggest it be executed by ALL parties (you as the new purchaser, the current purchasers, and the seller).
You might also mention to that seller that you are also able to pay him CASH for the property if he would prefer it? It would be at a reduced sales price amount that the $46K he is owe. Find out if he is interested?
If he is then we would have him assign HIS /HER rights as the seller under this contract so that it can be coverted into CASH that you would give to them. We may be able to “tweak” the terms of the land contract as well so that they provide enough cash to the seller and also are more agreeable to you.
Michael Morrongiello