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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (14665)	10/29/2003 12:30:13 PM
From: Don Green	Respond to of 306849

That sounds like a land contract, different names in various states. That can work as long as there are no 3rd parties like banks involved. When the banks get involved it gets more difficult.

To: bentway who wrote (14665)	10/29/2003 3:17:21 PM
From: Tradelite	Respond to of 306849

Chris, buying contracts at office supply stores isn't a real good idea. With all the federal, state and local laws and regulations now in effect and made part of every contract, it's unlikely a mass-produced contract form will properly address all these issues. The contract probably wouldn't hold up in court if anyone wants to challenge it--such as when a buyer wants to cancel a sale and get his earnest money back. I recently sold a bunch of different properties in Texas, some with owner financing just like your friend. I needed a broker to provide the proper contract forms and disclosures required by the State of Texas. And I needed a law firm/title company to do the settlement. No way was I going to draw up the deed (using language that's legal in Texas) and record it at the courthouse by myself! (Heck, I wasn't even willing to visit Texas to get these deals done.)