Yes, a person can sell the real estate property he or she owns to anyone (or any entity) that can make the purchase. But there is a practical consideration that must be examined to be able to complete the transaction.
If there is an outstanding mortgage on the property, the sale of that property will be limited by the terms of the mortgage contract. In other words, a person will have to pay off the mortgage on the property prior to transferring the property to another person or entity per the terms of that contract, in most cases. It is unlikely that a lender will allow for the transfer of title or for the sale of property without making good on the outstanding loan balance due first — there is no benefit to the lender to allow such a title change without receiving payment.
However, if the property is owned outright and there is no mortgage in place, this is not a consideration. But there are tax issues that should also be examined in advance of such a transfer.
To create a Deed transfer, see Standard Legal’s Quitclaim and Warranty Deed legal forms software.
To form an LLC, see Standard Legal’s Limited Liability Company legal forms software.
To do a complete real estate sale, see Standard Legal’s For Sale by Owner Home Sale legal forms software.