Posted by JHyre in Ohio on December 16, 2002 at 11:52:14:
Depends on your state’s law. In many states, a buyer has more rights via LC than via L/O (e.g.- much harder to evict, etc.). As such, many investors like to purchase on LC and sell on L/O…getting the best of both worlds.
John Hyre
Land Contract or Lease Purcahse - Posted by Sam
Posted by Sam on December 16, 2002 at 08:40:56:
I am confused. When I went to see my attorney he suggests NOT to buy in Lease Purchase but in Land Contract. Other than the benificaial interest, taxes and depreciation what is the difference in the purchase. Why would he suggest this better? You can still L/O the property to a T/B. He also recommends he do the paperwork to structure which is fine, I have no problem paying for his services. What am I missing? What other paperwork will I need to lock the purchase in so my attorney can draw up the paperwork? What is the difference in closing cost?
Any help would be great.
Thanks!
Sam