What is the difference between a Land Contract and a Lease Options agreement? - land contract agreement
My cousin is a real estate investor and help try to sell their family home. He said they would not be a land contract, because they fear they do not qualify for a mortgage? Is there anyway to avoid this? He also said he spoke with them by telephone, referring to an option to lease, not a contract of the earth. How could I explain the difference? What do you think would be the best option, an option or a lease for the land? Why do you feel?
Land Contract Agreement What Is The Difference Between A Land Contract And A Lease Options Agreement?
1 comments:
The difference between an option and lease of land, especially for the buyer. A land contract is a form of agreement, if the buyer makes a purchase several times, almost like a mortgage with the owner of the establishment of the note. A lease option is similar, but seen as a form of income, they have the chance "to buy the house but can not decide. Both can affect the credit of the holder, be seen as we crossed a potential lender.
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