Here is the clause....and the buyers are friends of mine and we've discussed possible selling of the contract.
Assignment and Transfers:
Buyer shall not assign, mortgage, transfer, or contract to sell the above described property without the prior written consent of Sellers. In the event of assignment, Buyers shall remain liable for all of the terms and conditions of this contract.
Sellers shall not, without the written consent of Buyers, encumber or convey said property or place additional liens against said property, or do anything to jeopardize title to the property. Sellers do have the right to renew or refinance any existing loan or lien described above so long as the action does not increase the amount of lien against the property that exists at the time of renewal or refinancing.
As I'm understanding this, if I have written consent I could borrow against the note that is not over the amount they owe since I don't have a loan on it and it's paid for. ???? Or would that be considered a lien? I could be all wet too....