Posted by Dealmaker on May 19, 2006 at 19:30:31:
A land contract aka contract for deed is an installment sale. This give ownership rights as buyer has equitable title.
Buyer can also deduct the interest paid on the note.
Dealmaker
land contract question - Posted by michele
Posted by michele on May 19, 2006 at 14:08:34:
does the tenant buyer have rights just like a tenant or like a owner?i was looking into the tenant landlord book for help does anyone know where i could go to look up answers for the tenant buyer?i wont be doing another without adding alot of things into my next contract.one thing is if tenant removes anything from house without my consent,he/she is in violation of this contract and owner can reclaim home by way of quit claim deed.i have walls missing and wires showing not to mention windows are gone too.
Re: land contract question - Posted by John Corey
Posted by John Corey on May 19, 2006 at 15:08:52:
One thing you need to check is the laws for the state where the property is located. Some states effectively make a tenant buyer an owner with equitable interest while other states treat the person more like a renter.
Your contact also will define the relationship. If the contract and the state regs are in conflict a judge can decide what way to pursue things.
John Corey