Land Contracts?
There is a deal I am interested in pursueing. The investor selling the property is doing it under a land contract. 39,500K w/ 5500 down @ 9% w/ a 2 year ballon. My thing is the fact that it is a land contract and my name wont be on the deed. I will be doing work on the property to flip it in about a month. Exactly how in the world can I sell this property once finished, and how can I protect my interest in the property if my name isnt on the deed?
Here in MD land contracts are filed in the land records of the county. Your name does go on the title with the seller being the lien holder. Once the lien is paid off his name comes off when you file the lien release.
I do not know what state you are in, but you can always file a copy of the contract with the land records and you will then be in the chain of title.
Good Luck!
You have the preliminary numbers, follow them up with an outstanding real estate attorney and tax advisor, if you do not have one, and call a friend in the real estate industry for the referral.
Eric & Rosa
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