Updated about 17 years ago on .
Land Contract Help
I have a few questions about land contracts. I have bought properties from this seller in the past and he has held the note for me. He has a few more properties he wants to sell but they have mortgages on them. I do not want to get a bank loan and want to use as little cash as possible. Land contracts seem like it might be a good option.
Will a land contract trigger the due on sale clause if it is found out about? I would assume not as I will pay the seller who will then pay the underlying mortgage and T+I.
Also is there any out for the buyer as in a lease option or is this just a basic owner finaincing deal without the buyer taking title? I would like to stucture this the same as any other deal, 15yrs no ballon. Might be a good option however I would not want to put much money down as my interest might not be protected as I am not on title. Any advice?