Jackie Land Contract Purchase
June 2, 2011 by Jackie Wilson
Filed under Start Your Own Real Estate Investing Business...
Land contracts or contracts for deed are a security agreement between a seller, sometime called Vendor, and a buyer, sometimes called Vendee.
The Vendor/Seller agrees to sell the property by financing / or sometimes call a carry back mortgage purchase for the Vendee.
The Seller retains legal title and the Buyer receives equitable title.
The owner-carried financing many times include an existing mortgage balance or the property can be paid for free and clear.
Upon payment in full, the Seller gives the buyer a deed to the property.