Easily Delete Dropdown Menu Fields to the Contract For Deed/Land Contract

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How to Delete Dropdown Menu Fields to the Contract For Deed/Land Contract

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welcome back to this five-part video series about how to structure and buy real estate using creative financing this is video three in the series and on this video Im going to show you everything you need to know about structuring and buying real estate using a creative financing strategy known as a land contract or contract for deed get ready to learn what it is the pros and cons and how to use it to make money in real estate coming up hey its Geryon or the nations leading expert on flipping real estate and if youre new here to make more money and less time flipping real estate so you can live your dream life subscribe to my channel click the bell I kind of get notified when new videos are released just to clarify so theres no confusion mortgage states use a land contract and trustee states use a contract for deed but its basically the same thing for ease of use on this video Im gonna just use land contract a land contract is another form of creative financing and its a type o

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What is another name for a land contract?

Also known as a contract for deed, land-installment contract, bond for deed, bond for title or agreement for deed, a land contract is a form of seller financing that may appeal to buyers or sellers who want an alternative to a traditional mortgage.

What are 2 disadvantages of a contract for deed for buyer?

A major drawback of a contract for deed for buyers is that the seller retains the legal title to the property until the payment plan is completed. On one hand, this means that theyre responsible for things like property taxes. On the other hand, the buyer lacks security and rights to their home.

What are the pros and cons of a land contract?

Pros And Cons Of A Land Contract Pro: Its Easier To Get Financing. Pro: Its A Win-Win For Sellers. Con: The Buyer Depends On The Seller. Con: Contract Vagueness. Con: Higher Interest Rates. Con: Homeownership Gray Area.

What is the most prevailing disadvantage of a land contract to the seller?

Land contract cons. Higher interest rates Since the seller is taking most of the risk, they may insist on a higher interest rate than a traditional mortgage. Ownership is unclear The seller retains the property title until the land contract is paid in full.

Which of the following is a disadvantage for a seller in a land contract?

Disadvantage #1: The title does not automatically pass to the purchaser in a land contract. Disadvantage #2: The seller could be held legally responsible for inspection issues with local or state authorities. Disadvantage #3: Forfeiture of a land contract by the purchaser is a fairly common occurrence.

What is the disadvantage of a land contract for the buyer?

Con: The Buyer Depends On The Seller As a buyer, youre placing a ton of trust in the seller. For instance, if its a wrap-around land contract with an existing mortgage still being paid off by the seller, the buyer can lose the home through no fault of their own if the seller doesnt make the payments.

What is the most prevailing disadvantage of a land contract to the seller quizlet?

parties who only extend financing for the purchase of real estate under land contracts to be licensed. parties who extend financing for the purchase of real estate to be licensed. What is the most prevailing disadvantage of a land contract to the seller? the loan period.

What are the advantages and disadvantages of a land contract?

Generally, the seller carries the loan for a fixed number of years, at which time a balloon payment is due. Pro: Financing. Pro: A Sales Tool In A Tough Market. Con: Buyer Depends On Seller. Con: Contract Mistakes. Con: The Buyer Could Feel Like The Owner.

What is the main disadvantage of a land contract to the seller?

Disadvantage #1: The title does not automatically pass to the purchaser in a land contract. Disadvantage #2: The seller could be held legally responsible for inspection issues with local or state authorities. Disadvantage #3: Forfeiture of a land contract by the purchaser is a fairly common occurrence.

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