Land Contract or Lease Option? - Posted by Bob Davis

import · April 21, 2018, 2:00pm

Posted by Bob Davis on June 21, 2007 at 18:52:21:

Thanks for your comments Rich. The Land Contracts I am familiar with has the purchaser insuring the property with me as the co-insured so that if something happens to the property I get paid by the insurance. The purchaser also is responsible for the taxes as is written in the Land Contract and if they do not pay, this would be a violation and the property would revert to me. Haven’t done any for a while. This what I’ve done in the past. Thanks again. Bob

import · April 21, 2018, 7:01pm

Posted by Bob Davis on June 14, 2007 at 04:27:15:

With taxes and insurance rates increasing I have been considering selling my rentals on either Land Contracts or Lease Options. I figure I can get a good down payment and maintain a monthly income to continue paying the bank mortgages and at the same time cut my costs. Do both these place the cost of insurance, taxes and repairs on the buyer? Would any other method be better? Thanks, Bob

import · April 21, 2018, 7:01pm

Re: Land Contract or Lease Option? - Posted by Rich-CA

Posted by Rich-CA on June 21, 2007 at 17:56:16:

Te person legally responsible for the insurance is the one named on the mortgage. The one for the taxes, the one named on the Title. Anything you do that does not change this leaves payment up to you if your “buyer” fails to make the payments.