What are some tips for buying a home on a land contract?

Answer by  patti (29325)

Make sure you understand your responsibilities. Have a real estate attorney draw up the contract for both parties to sign.

Answer by  km8738 (1917)

If you're buying a home on a land contract, then there might be something wrong with the house that prevents sellers from selling it through normal means. You will want to have your own inspection done and make sure that the house is "healthy".

Answer by  tamarawilhite (17883)

1. Have all details fully documented in writing. 2. Have a partial return of payments if a payment is missed. For example, if you pay for 8 years and miss a payment or two in year 9 of a 10 year contract, you can be foreclosed on and lose all money - treated as a renter, with no equity.