L/O vs. Land Contract - Posted by DaveG (WI)

Posted by Irwin on December 20, 1998 at 20:54:42:

I can’t go into a lengthy discussion on the law here, so I’ll just outline the bottom line.
A l/o is a very low quality (strength) of title, or equitable ownership. In fact, most courts hold that a l/o isn’t ownership of any kind. Therefore, your claim of rights in the property can be defeated by various claims of others.
A recorded land contract provides a stronger claim of equitable title. It is difficult to defeat.
A deed, subject to a mortgage lien is the hightest form of legal and equitable title.
If you have a choic between buying using a l/o, or a land contract, always go with the l/c.

L/O vs. Land Contract - Posted by DaveG (WI)

Posted by DaveG (WI) on December 20, 1998 at 13:30:33:

I currently have 2 investment properties that I’ve purchased using conventional financing. I’ve finally learned not to tie up my money when purchasing properties.

I have an appointment tommorrow night to view a property and am thinking of purchasing either through L/O or Land Contract.

Need to know the pros and cons of both L/O and Land Contract for both the buyer and seller.