Lease Purchase Land Trust System (Illinois Land Trust)?
I answered a "no money or little money down" ad. From what was explained to me you have the legal owner, the person looking for a house (me) and a RE investor.
The RE said that there is no time limit BUT when we decide to get our own financing we will split the equity with him. I am totally clueless here, any advice, things to look out for, what are the worse case scenario.
I know I need to do my own research (Im reading on here)and I will have an attorney look at the contract.
The RE said that there is no time limit BUT when we decide to get our own financing we will split the equity with him. I am totally clueless here, any advice, things to look out for, what are the worse case scenario.
I know I need to do my own research (Im reading on here)and I will have an attorney look at the contract.
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Call your title company who gave you your owners policy, they can put in a claim if you cant resolve it yourself. That is part of what title insurance covers and helps with you should be able to be giuded in the right direction.
Since you bought this property from this person, was this major defect disclosed? Did you know this before you bought? A survey done?
Actually since the seller owned both properties he probably knows or should have known of the encroachment. Did you get a survey first?