Posted by PAULETTE, NY on March 09, 1999 at 08:42:43:
I’m just a little confused about the use of land trusts to purchase real estate. I understand the part about it being merely a vehicle for taking title - I’m just not exactly sure how to structure it.
Couldn’t I just use a Sales & Purchase agreement and place the property address where “Buyer’s” name goes? or is there a separate type of contract for land trusts?
Let’s say I purchase via land trust: when I’m ready to flip it or resell, what contract would I use?
Is it even necessary to bother with land trusts if I intend to flip or if I’m doing lease options? My understanding is that land trusts are only necessary in deals where I plan to hold on to property for a while, such as with owner financing.
Are land trusts and land contracts completely different or are they related?
Thank you in advance for the clarification.