Milwaukee REIA -- Real Estate Investor Association Message Board › Land Contracts and Milwaukee DNS
|A former member||
Per our discussion this morning at the Mastermind meeting (great meeting, BTW!), I called the Department of Neighborhood Services and spoke with their property recording dept about how they treat contacts for LC sales on an owner-occupied basis. Because both vendor and vendee have an interest in the property, both stay on record as contacts until the LC is satisfied, but they will use the vendee as the primary, only contacting the vendor if the vendee vacates the property.
So, if you sell an owner-occupied property on an LC, you are somewhat off the hook, but not entirely. Your buyer does not need to do any property recording, but you definitely want to send in the seller notification form to remove yourself as the primary contact for DNS.
Hope this helps!
Summit Guaranty, LLC
Title & Closing Services
6767 W. Greenfield Ave.
West Allis, WI 53214