Posted by JPiper on January 18, 2001 at 20:23:04:
A land contract is a form of owner finance which gives you equitable title while the seller retains the deed until you have completed the contract.
There are lots of do’s and don’t. I’ve never bought a house with a land contract, but I’ve sold many with a land contract. The first thing that should cross your mind is that anyone selling with a land contract is probably somewhat knowledgeable, perhaps an investor, and that it may be no “deal” at all.
If I were you I’d read the how to articles and archives on this site. You’ll pick up information on land contracts. But BEFORE you buy anything on a land contract, see out legal advice…to cover the many pitfalls that I haven’t covered here.