Posted by Ed Copp on March 02, 2003 at 13:52:09:
Sometimes buyers and sellers wish to agree to other terms, but if the seller owns it they can borrow money secured by thier equity.
Tax benefids (deductions) as a rule go to the buyer just as with any other sale.
Land Contract- Newbie Type Question - Posted by Daniel Newbie
Posted by Daniel Newbie on March 01, 2003 at 18:57:10:
When someone sells on a land contract they retain title. Do they also retain the tax benefits and/or could they even take an equity loan against that property becuase they own title?
Thank You for your Responses,
Daniel Rodriguez
Re: Land Contract- Newbie Type Question - Posted by Don Dion
Posted by Don Dion on March 02, 2003 at 13:58:58:
On a land contract in IL or MI the buyer has the right to the tax benefit of the interst paid on the contract with the seller and the taxes paid to the county. Second question: Yes the seller is in title and therefore can place additional leins 2nd mtg or refi the first mtg. This might have been a very good idea several years ago but with todays loans that are avail for 125% of a homes value I hope you have a good attorney that rights up a very good contract for deed with protection clauses in it.