Posted by ScottE on June 01, 1999 at 15:59:53:
Bud,
Is the rule that you have to find a like kind of property within 45 days, put it under cintract and close within 180 days? Do you need someone (trustee, etc.) to go through?
Thanks!
Scott
Posted by ScottE on June 01, 1999 at 15:59:53:
Bud,
Is the rule that you have to find a like kind of property within 45 days, put it under cintract and close within 180 days? Do you need someone (trustee, etc.) to go through?
Thanks!
Scott
Land Contract - Posted by Dan
Posted by Dan on May 28, 1999 at 07:00:29:
I have a two family house I would like to sell. Since I have a mortgage on it (non-assumable), and would be liable for some hefty capital gains (owned it over 20 years) I was told a land contract might be a good way to sell it. Any thoughts? Would the bamk have to know? Currently they escrow my taxes and insurance, would I have to get them to quit doing that?
Thanks
Re: Land Contract - Posted by Bud Branstetter
Posted by Bud Branstetter on May 30, 1999 at 18:22:35:
No, they do not have to quit escrowing your taxes and insurance. The bank does not have to know. The main one to concern yourself with is the buyer. A land contract/contract for deed is inferior to a deed. Depending on the buyer you can do a land contract or a lease option. With the L/O you will have time to identify a new property to move your profits to(if you want) via a 1031 exchange. With the straight installment sale(tax wise) you get your profits over time.