If you have a mortgage on the home you cannot land contract it due to the due on sale clause in most mortgages. Signing the owner occupant certificate states that you will live there for a year after purchase. This is done so that owners can get into homes before the investors can purchase them. You are obligated to own the home for at least a year. If Fannie Mae finds out the home was transferred within the year you can be subject to a $10,000.00 fine and be unable to purchase another Fannie Mae property. If it were me I would make the best of it and stay in the condo for the year to avoid any problems.
Karen Paytas, GRI, CMS
Real Living Kee Realty
I recommend that you seek legal advice, as I can not and do not provide legal advice and/or counsel. That can only come from a licensed attorney.
The only thing that changes is that you can sell on a land contract. By doing so you will be moving out & still in violation of your occupancy agreement. You could try asking a good real estate attorney but I don't know of anyway around it unless you had some medical reason or hardship.
Unfortunately, if you sell it in any form or rent it, you will be in violation fo your contract & you could get fined. Land Contract is still a sale but you would retain the deed till it was paid off. Since you hae a mortgage on the condo, you really can't do a land contract.I would suggest that you live with it for just as long as you have to. Your contract states that you must live there.You can put it on the market to sell about 9 months after your purchase but making sure that you don't close on the sale until the year is up.
I just thought of something. Did both of you sign the occupancy contract? Whoever didn't sign the contract is free to leave. In the meantime, you could do your research & see what area you would like to live in. You may need to pay more in a different area, so start saving. If you don't have a budget, you may want to start one. I think Macomb is offering some free financial classes. You might want to check it out.
Hope this helps you,
the owner occupant affidavit you signed was mainly to document the file that you were not buying it as an investment.....
you can sell it....