If the Deed Holder for the Land Contract Home I Am Purchasing Files Corporate Bankruptcy, Might I Lose the Home?

Financial issues affecting a deed holder and/or his or her personal legal situation is the primary drawback to purchasing real estate using a Land Contract. But in nearly every situation (except fraud!), the law sides with the person who is making payments on the land contract property.

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Can I Create a Second Land Contract on a Property That I Already Have Under Land Contract?

It appears that such a question is based on the idea that a person who has a Land Contract on a property wants to “sell” that same property to another party, also under a land contract structure, in essence creating a second land contract.

Of course, such a transaction would require the approval of the title-holding property owner.

And while there could be a number of potential legal and financial pitfalls in creating a second land contract on a property that already has such a land contract in place, it’s possible that such a structure could be done legally.

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If the Occupant in a Land Contract Home Damages the Property, What Recourse Does the Owner Have?

A land contract holder can pursue financial claims against the occupant for any damages done to the property in a contract for deed situation. If the owner / contract holder cannot reach an agreement with the occupant through direct negotiations to resolve the issue, the owner would proceed against the occupant by filing a lawsuit against the contracting resident in an attempt to gain a judgment and then collect on that judgment.

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Can I Get the First Time Home Buyer Tax Credit on a Land Contract?

The federal government’s “first time home buyer tax credit” applies to real estate properties purchased by a person who has never owned a home in the past, so long as the purchase is completed by the deadline that has been set for the program (but may be extended again).

The issue with applying for and receiving this tax credit through the use of a land contract is the right to the transfer of Deed, among other specific requirements.

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How Does Buying a Home by Land Contract Work?

Land Contracts have a number of names: sometimes they are called Trust Deeds, Contract for Deed, Deeds of Trust, Notes, or Privately Held Mortgages. But they all represent the same thing: a way of selling property where the buyer relies upon the seller for the financing rather than paying cash up front or borrowing from a bank.

So what is the process of buying a home or undeveloped property via Land Contract?

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