land contract V.S. deed of trust

[Gary Alford]

I am working on trying to buy a property using seller financing and stuck on which route I should go. The owner has it rented now and the tenants would like to sign another 2 yr lease if they could, so I would be buying into income. Owner is moving back to Africa and owns it free and clear.

Is a land contract or deed of trust better in your opinion when buying through seller financing? what are the pros and cons of both? What have been your experience with them both if any? 

Would love to hear @Bill Gulley and @Brian Gibbons suggestions as well as others. 

Thanks

[Brian Gibbons]

@Gary Alford 

Buying free and clear properties when you buy on terms are generally installment sales

A note and a security instrument like a deed of trust or a mortgage is customary

You want to do a thorough inspection because you will be responsible for all maintenance

Structure the note to make sure you can afford all costs

I generally open up an escrow account and place escrow instructions if I default on payments the owner can receive ownership of the property without a foreclosure after six days