Posted by JT-IN on August 27, 2002 at 20:33:54:
Paul:
As the Buyer you would much prefer a Land Contract… often referred to as a Contract for Deed. The protections afforded under the law, and this varies considerably from state to state, can be considerbly greateer that those afforded a Tenant, as is the case of a Lease with Option to Purchase; aka L/O.
As the Vendee (as you are affectionately called in a CFD), you may receive protection equivilent to that of a person who holds title and has a mortgage on the property. Being legally removed from the property, or having your property rights extinguished can revel that of a foreclosure… Again, not in every state.
So given the choise of either one, if I am buying I will take the CFD, and if selling I will offer the L/O.
Just the way that I view things…
JT-IN