Refinancing out of a Land Contract

[Kole Kingslien]

Hi Everyone,

I have a question about current deal I am working on. I am buying a property on Land Contract, and am buying it with equity. My plan is to buy the property on Land Contract, and then refinance out as soon as possible to pull as much equity out as I can. From what I understand, when a bank does a REFINANCE, they lend up to 75% of the VALUE, rather than the COST, allowing me to avoid a 25% down payment, and making it possible to pull equity out.

Should I file the Land Contract with the Register of Deeds?

Is there a "seasoning period"?

Should there be any problems that come up in this strategy?

I am curious as to if anyone has done this before, and how the process worked? 

Thanks!