Posted by Stacy (AZ) on April 07, 1999 at 12:25:48:
State’s laws vary, but here in AZ, the AITD is different than a Land Contract. The main differences are:
With a TD or AITD, the deed goes to the buyer at the time of sale. With a Land Contract (called Agreement for Sale in AZ), the deed stays with the seller until the contract is satisfied. However, equitable title goes to the buyer in either case.
The foreclosure period for a TD and AITD is a standard time period. For the Land Contract, the foreclosure period is based on the amount of equity the buyer has (as short as 30 days).
An AITD is normally used to wrap a senior loan. The Land Contract can be used to sell a property when there is no prior loan, or no loan that will be wrapped.