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I think it is a great opportunity for you if the person knows all already! You have to pay rent, so if you get to slide in with a buy, that is just gravy!
I would have a legal person look at the agreement (one of my new rules I will be following from now on).Filed C7 Aug 31 2008
341 Oct 8 2008
Discharged Dec 9 2008
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What you are talking about is Contract for Deed. It is really a neat deal and I purchased property some time ago and I was pleased.
Here is how it goes, you agree to pay, and if you cannot or do not wish to, you contact the owner and vacate the place, no credit no Judgment, you are not in default as that is in the contract that you will just vacate. The money and interest you paid you do not get back, and the owner can sell it again.
If you fulfill the contract and make the last payment, you then will get a Deed and become the owner. You are still responsible for the land taxes, if that has not been written in as part of the payment.
It's a win win. 'HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.
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Yup mine too I've learned a couple hundred bucks to have something reviewed is cheap compared to what things can end up costing.
Yes hub that's a short version of what I am trying to do. The rent works out to just a little more then 20% of the asking price. The rest comes out to about what the taxes are. That’s for 3 yearsChapter 7 07/30/2008
341 09/17/2008
Discharge 11/21/2008
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Tew before you take any money out of your IRA check out these guys. I bought my Mexico propery ( well part of it anyway) with my IRA with them. Alot of folks dont know about this ( and attorneys) but its been around for a good long while. You can buy any property in the world within your IRA..
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