I am looking to purchase a property from an out of state seller by Land contract.
I have a couple questions:
-What document do I need for the transaction?
(As far as I know I need a P&S Agreement, Land Contract, and Memorandum)
-Does the seller need to be present at closing?
-Can I transfer the insurance into my companies name? Even better, am I able to get my own insurance or am I obligated to use the sellers insurance?
-As far as making payment, because there's a mortgage on the property, should I be making the payments to the seller or directly to the mortgage company? ( I plan on paying by check to show pay history as well)
All input is welcome!
I'd call my title agency and see what they can do for me.
If you pay the seller you cannot be sure where the money is going; you want to make payment on the note, and put the loan number on the check.
If you use the owner's insurance and there is a fire, how will you be paid?
Why are you using a land contract, yet don't know what paperwork to use?
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