Posted by HR on March 02, 2000 at 02:24:20:
You got yourself a smart fish at the end of your line. Think about it: with an installment land contract, the buyer doesn’t get title till the final payment is made. If you sell and give him the deed, he gets title right away. It is ALWAYS better to get title (deed) whenever possible. In my state, it is far harder for me to get the house back should this cat default after getting title than it would be to get the house back if I had sold him the house on an installment land contract. I suspect the same is true in your state. Hence, his reason for wanting the deed and not an ILC. (I’m not suggesting he plans on defaulting; he’s just putting himself in a better position of strength. A smart move on his part).
Become a control freak, Mike. Buy and sell and put yourself in control of the transaction as much as possible. You haven’t given any details about the deal; given the scant info available, I’d say you have yourself a knowledgeable buyer. Become a knowledgeable seller and stack the deck to your benefit.