Land Contract

[Experimental]

Can someone explain a land contract to me. Someone was talking about how they bought a piece of property with a double wide mobile home on it on a land contract. He didn't explain it to me as we had very little time to talk.

[macky]

Well you rent the whole property for awhile. This means the title does not get put in your name. However you can do anything you want to the house and property. You can tear walls down, dig ditches and stuff like that. You pay the taxes on the property. Basically you act as the owner would only you don't own it. Many contracts like that have an option to buy later down the road. It is a way to have a place you can do anything you want to but not actually own the property.

[smokey]

A land contract is usually when you can't get a loan or mortgage to buy a house. I know that it's a great way to buy a house if you cannot get a mortgage. Macky also said it right, sometimes you can rent to own.