Does anyone have expierence using land contracts in New Jersey. I am looking to get started using this type of financing but am curious if this type of financing works well in NJ where demand for multi family income properties are high (and expensive).
Sorry to chime in while not being from NJ, but I would never do a land contract or contract for deed. You don't get title to the property until you pay it off with those. I would protect myself with a note and deed of trust / mortgage. That way if the seller later gets sued or goes into default with something, liens won't attach to 'your' property!
Thanks for the note. I could be mistaken but I believe you can have the title put into escrow with a title company. Which would circumvent that. I'm not 100% sure on that which why I am trying to connect with some people in my area. It seems to vary state to state.
Ever discover any more Greg? I am in NJ and am thinking of SELLING a house this way. I am curious if a judge will ever tell me that buyer is entitled to equity, even if they default?
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