Posted by Miles on July 12, 2007 at 24:04:06:
Why would a lease option be a p**s poor way to buy a home?
Contracts: What is the difference? - Posted by Miles
Posted by Miles on July 10, 2007 at 21:43:26:
What is the difference between a land contract and a lease option agreement?
I was told there is a difference, but I’m not too sure. Can someone break it down for me?
Re: Contracts: What is the difference? - Posted by dealmaker
Posted by dealmaker on July 11, 2007 at 06:20:13:
With a land contract you have a SIGNED CONTRACT to purchase, with a closig date well into the future. Of course it can become worthless if the seller screws up and the IRS steps in a puts a lien on the property. It’s a p**s poor way to buy a property.
With a lease option you are leasing the property, and you have an OPTION to purchase in the future. You do not have a signed purchase agreement. It’s another p**s poor way to buy a property.
dealmaker
Re: Contracts: What is the difference? - Posted by DavidGOR
Posted by DavidGOR on July 12, 2007 at 15:47:52:
I agree, they are not the Best way to aquire property if you don’t protect yourself. Now that we both agree, do you have any insights on the best way to secure a promissory note with someone who is buying house with a Land Sale Contract?
DavidGOR