My landlord wants to sell me the rental I live in on land contract?

If I purchase it this year on land contract 100% owner Financing Can I get the rebate crdit for purchasing a new home if no bank loans.

A land contract does convey ownership but only after the property is fully paid off. Make sure if you do a land contract that you get a title insurance policy, that your land contract is a recorded document, and that you or a third party pays the taxes.

If the seller does not own the property "free and clear" that creates major problems. First the sellers lender will most like call (acceleration clause) the loan if they find out if the property has been sold. Second, is that if the seller doesn't make the payments to his lender the property would be foreclosed on and you would lose everything. This is inspite that you make the payments to the seller in good faith. Often in these types of sales contracts when the seller stills owes money the parties hire a third party note collection service to collect the monthly payments and taxes from you, then pays the sellers lender directly, and gives the seller the rest.

The big scam with land contracts is that the seller can keep selling the same property over and over again. If you have title insurance and you have the contract recorded it makes it harder to for the seller to commit fraud.

Also, with a land contract your seller doesn't have to go through a foreclosure process. If you default he can just file a paper with the county recorder declaring a default and resell the property again. Just like a repo on a car or personal property.

My advise, is not do it, the risks are very high for fraud and there is little legal protection for you. Consult your attorney.

you should be able to get it... if you are a first time home buyer.... But you should really watch out buying on contract. you should get a lawyer to look at the conttract before you sign it... Landlords rip people off and charge high interest when they sell on contract. Just be careful

NO. A land contract doesn't transfer ownership. It is a "lease with an option to buy".

READ BELOW:

An agreement between a buyer and seller of property in which the buyer makes payments toward full ownership (as with a mortgage), but in a land contract, the title or deed is held by the owner until the full payment is made. This type of contract is technically not a legally binding agreement and, therefore, many different types of payment formats can be found.

As in a standard mortgage, there is an agreed upon price and payment schedule, but the payments are often not amortized evenly, so that a large balloon payment may be required to complete the purchase. Also known as an installment purchase contract or an installment sale agreement.

Investopedia Says:

A land contract can be thought of as a "lease with an option to buy". Certain states have more generous legal rights for land contract holders than others. As a result, the world of land contracts can be difficult to navigate. As such, a land contract buyer must be very careful to ensure that the terms of the contract are legally binding in case a dispute arises in the future.

Land contracts are often used by purchasers that would not otherwise qualify for a mortgage, or by investors who wish to complete a purchase faster than a regular mortgage would allow.

If you enter into a land contract can you ask for the down payment? are you legally entitled to it?

Me and my wife entered into a land contract that was for 2 years then we were to take it to the bank. We since ended the contract and have just recently moved out. We decided not to take it to the bank, we were no longer interested. It Is fine with both parties, so i was just curios if we made a 5000.00$ down payment if we were entitled to it back?

Yes, you ought to be able to get your $5000.00 back, provided that your contract didn't stipulate otherwise. The money you put down was for the purchase of the home and since that didn't take place, you ought to be able to recover it. You may want to check what you signed as well as what the law stipulates for the area in which you live. Good Luck.

You need to check your documents.

1. A land contract is a sale and you are legally the equitable owner. This means you really need to sell your interest rather than just walk away.

The legal owner is the party you were buying from.

You would have been paying a down payments and the money belongs to the prior owner. When you sell you may get paid more or less than you have paid in depending on the new sale price.

2. If you had an option to buy then you an just let the option expire. You would have paid option consideration (something of value) to start the option. That money belongs to the other party from the day the option was created. There is no reason they should pay back to you.

it sounds like you had what is called an "option".

here's how an option works. a property is for sale. you want to buy it. you and owner agree on price. you dont have all of the money right now and want time to raise the money. owner, for a fee($5000 in your case), takes the property off of the market(does not try to sell it to someone else) for an agreed upon period of time. if you get the money in the time alloted, you buy the property. if you dont buy it, the owner keeps your $5000.

2 years sounds like a long period of time for an option. options are sometimes used in speculation.

what you did might also be considered to be "earnest money". if you back out of the deal , you lose your earnest money.

earnest money-

buyer cancels deal, seller keeps EM

seller cancels deal, buyer gets EM back

if deal goes through, EM is deducted from purchase price

consult a lawyer, but it looks to me like either way, your 5K is gone.

Do you think Israel is making a grave mistake by planning on giving the West Bank to the Arabs or is it right?

Israel is already a tiny nation. It gave up the Gaza strip and became even smaller. Now they have elected a man who is planning on giving up the West Bank to the Arabs as well. Will this move create the peace they long for? Or is peace out of the question with Hamas in government? Hamas' position is the destruction of Israel and they have not changed that position despite much criticism from other countries. Is Israel making a mistake giving up vital land to the Arabs?

Absolutely...

1. Israel became a nation in 1312 BCE, two thousand years before the rise of Islam.

2. Arab refugees began identifying themselves as part of a Palestinian people in 1967, two decades after the establishment of the modern State of Israel.

3. Since the Jewish conquest in 1272 BCE, the Jews had dominion over the land for one thousand years with a continuous presence in the land for the past 3,300 years.

4.The only Arab domination since the conquest in 635 BCE lasted no more than 22 years.

5. For over 3,300 years, Jerusalem has been the Jewish capital. Jerusalem has never been the capital of any Arab or Muslim entity. Even when the Jordanians occupied Jerusalem, they never sought to make it their capital, and Arab leaders did not come to visit.

6. Jerusalem is mentioned over 700 hundred times in Bible. Jerusalem is not mentioned once in the Koran.

7. King David founded the city of Jerusalem. Mohammed never came to Jerusalem.

8. Jews pray facing Jerusalem. Muslims pray with their backs toward Jerusalem.

9. Arab and Jewish refugees: Arabs were not driven out of their homes. Following the UN decision on Partition in 1948, the Arab refugees were encouraged to leave Israel by Arab leaders, promising to purge the land of Jews. They argued that an "Arab presence" would only get in the way of the planned devastation. Sixty-eight percent left without ever seeing an Israeli soldier.

10. The Jewish refugees were forced to flee from Arab lands due to Arab brutality, persecution and pogroms.

11. The number of Arab refugees who left Israel in 1948 is estimated to be around 630,000. The number of Jewish refugees absorbed by Israel from Arab countries is estimated to be the same.

12. Arab refugees were INTENTIONALLY not absorbed or integrated into the Arab lands to which they fled, despite the vast Arab territory. Out of the 100,000,000 refugees since World War II, theirs is the only refugee group in the world that has never been absorbed or integrated into their own peoples' lands. Jewish refugees were completely absorbed into Israel, a country no larger than New Jersey.

13. The Arabs are represented by eight separate nations, not including the Palestinians. There is only one Jewish nation. The Arab nations initiated all five wars and lost. Israel defended itself each time and won.

14. The P.L.O.'s Charter still calls for the destruction of the state of Israel. Israel has given the Palestinians most of the West Bank and autonomy under the Palestinian Authority, and has supplied their police and security forces with weapons.

15. Under Jordanian rule, Jewish holy sites were desecrated and the Jews were denied access to places of worship. Jewish grave markers were used to build public urinals in occupied Jerusalem. Under Israeli rule, all Muslim and Christian sites have been preserved and made accessible to people of all faiths.

16. The U.N. record on Israel and the Arabs of the 175 Security Council resolutions passed before 1990, 97 were directed against Israel -- notwithstanding the fact that the Arabs refused to participate in the 15 nation United Nations Commission of Palestine which recommended partition in 1948 and sought immediately to undo its work by force of arms.

17. Of the 690 General Assembly resolutions voted on before 1990, 429 were directed against Israel.

18. The U.N. was silent while 58 Jerusalem Synagogues were destroyed by the Jordanians between 1948 and 1967.

19. The U.N. was silent while the Jordanians systematically desecrated the ancient Jewish cemetery on the Mount of Olives between 1948 and 1967.

20. The U.N. was silent while the Jordanians enforced an apartheid-like policy of preventing Jews from visiting the Temple Mount and the Western Wall between 1948 and 1967.

These are incredible times. We have to ask what our role should be. What will we tell our grandchildren what we did when there was a turning point in Jewish destiny, an opportunity to make a difference?

Thank you for the points. Actually I have time and time again tried to justify the Palestinians, but when it comes to God, you just have to agree w/Him...

Unfortunately there will never be peace till Christ sets His foot on this Earth. http://answers.yahoo.com/question/accuse_write?qid=1006041010895&kid=NbUvWzO8UzXg31rOzT1W&s=comm&date=2006-04-22+22%3A17%3A43&.crumb=

Most of deeds points are taken out of context. Mohammed did visit Jerusalem. The Dome of the Rock is where he ascended into heaven. Muslims only pray with their backs to Jerusalem when facing SSE & Mecca. Using the bible to justify a Jewish state is like using Mine Kampf to justify an Arian nation. http://answers.yahoo.com/question/accuse_write?qid=1006041010895&kid=NbUvWza6VDPae25SS8Vs&s=comm&date=2006-04-23+18%3A19%3A20&.crumb=

DB please.... God wins in the end. Plain and simple. Jerusalem is God's before it is Israel's or Palestine's. JESUS CHRIST WINS http://answers.yahoo.com/question/accuse_write?qid=1006041010895&kid=NbUvWzC1WDaOXe9c3ZJN&s=comm&date=2006-04-28+08%3A29%3A48&.crumb=

Who told you Muslims pray with their backs to Jerusalem? The pray facing Mecca, which could be putting their back anywhere. Dumbass. http://answers.yahoo.com/question/accuse_write?qid=1006041010895&kid=NbUvWje6VDEdyken5.EM&s=comm&date=2006-05-24+15%3A43%3A28&.crumb=

I haven't seen more biased answers from any other boards except from this one!

To answer your question the West Bank was never given to Israel by the U.N. it is currently labled as an 'occupied" teritorry and is illegal under the Geneva convention... try to research it more! http://answers.yahoo.com/question/accuse_write?qid=1006041010895&kid=EpctX2O.AmZc6x2CAoRcUS7iFE135bVuf08I3CoeVF014n2W.WhP&s=comm&date=2006-07-07+20%3A45%3A43&.crumb=

So, you dudes are advocating the return of land to its original owners. The Apaches will be delighted to get control of Texas, Blackfoot indians own Virginia, Canada belongs to the Mohecans, The aboriginies will love to get their hands on Sydney, and how about giving all of UK back to the Celts.

Englishmen returned to France. (Norman invasion 1066 AD)

Super.

But where will the billions of immigrants go. Ireland will be awash with returning Micks. Scotland will collapse under the weight of those folks sent "home" from USA, and China will never manage to feed it's new population. But who cares, the Jews have to have their bit of turf, and its only fair that all other historical groups will get their land back.

Helen will return to Troy.

Don't think so.

The real truth is, Modern International Law is clear, Israel has no rights at all to the West Bank. Citing 3000 year old history is as ridiculas as the present situation. Palestinians have no passports and therefore cannot leave, they have no vote in Israeli politics but suffer the consequences of Israeli agression.

What would you do with them? Build some gas chambers?

Of course.

The west bank is land clearly belonging to the Jews.

Even if you would argue that Israel has no right to the above land, still it would be a huge mistake to give it to the Palestinians who are never satisfied. They claim now, that they want the West Bank, but if Israel will hand it over, they will demand more. They are just using the media to make the world feel bad for their cause, and convince people that all they want is "their" land which is just the West Bank. However, smart people know that what they really want, is ALL of Israel.

Yes this would be a grave mistake!

Huge mistake.

First of all, Jews have every right to live in Judea and Samaria.

Secondly, giving away more land will only encourage the Arabs to heighten their attacks while giving them a stronger foothold in Jewish land. Remember, Mahmoud Abbas and Yasser Arafat were always advocates for the so-called "staged plan". Meaning that they would gain all they could through diplomacy, and then finish Israel off through jihad.

Great political move. They now get to keep the settlements in areas they want and the international community pretends they don't notice.

you should read the bible. one day it will all be made right. the jews will have their lands and christ will rule. it will be great

If I thought giving up the land would promote peace in the

region I would advocate it myself. I don't think it will,

though. The Israelis are hated in the region,and many Arabs

would see such concessions as a sign of weakness.They might

as well keep the land.

way to go deed!!!! also, the one that said for you to read the bible, easy to see to whom this land belongs.

No...!

Hunting/recreation land loan (How to procure?)?

I'm considering purchasing some hunting/rec land between 40-80 acres. I only want to spend less than 100k and have found many properties that meet this standard. I can put down 20% but need a loan for the rest. I can't seem to find any bank that has a loan for raw land. Any suggestions? Yes, my credit is great and I have a strong income and debt ratio.

You would have to find private funding, a hard money lender. Banks will not finance this.

We are considering buying a land lot soon?

The lot is bank owned so there is no disclosure. Is there anywhere online that I could find out if there are already utilities on the land?

The info should be available with the bank selling the land.

Grandma in Germany sold land 17 years ago and invested through bank - money worth 1/2 now! Corruption?

How likely do you think it is that money invested by a widow 17 years ago (approximate value in today's standards would be 200,000 Euro) was worth only 110,000 Euro upon her death? Do you think a HUGE German bank (renowned) could be corrupt since her only living relatives were in America? Also, she has three account numbers written down as being in effect and had no statements - they have 'no record' of AND when she became incapacitated, my mother was with her in Germany, shortly thereafter she received a note from the German bank indicating that 'per her request' they have TRANSFERRED 80,000 Euro and we have no idea where it was transferred to. She was far too sick, for even months before that, to have made any requests. My mom had been there with her for about two months but this request occurred when my mom went to the bank to get money to pay her bills and they found out about her incapacity. Then - bing, a letter about a transfer was in the mail! What do you think?

Unless she has a statement given to her by the bank on the date of the transfer, that money should not have been moved. Considering the age of your grandmother and the circumstances, it sounds like a case of either identity theft or bank fraud. From what I've heard about European banks, it is more likely a case of identity theft. The bank should give you all the info regarding this matter, as long as the owner is still alive. If not then it would certainly become a court matter.

I got a settlement of less than a 100,000 and want buy land should I pay cash or put in the bank ?

and take out a loan

bank it and get a loan

Put it in the bank until you thoroughly research where the best land purchase may be. Be sure that your Realtor has ascertained that the land has a buildable lot, in other words, that a structure can be built on it. Also to be determined is the readiness of the soil for septic, unless you're in an area that provides sewer service, the capacity of the sewer (3 bed or more) and if you can dig a well, if a public water supply is not nearby.

Also your Realtor should find out for you if there are any environmental concerns in the area, such as contamination, and the future plans for development by others.

Otherwise, you could be easily waste your money on property that you're unable to use or sell after taking ownership.

always take out a loan if you can

you can use the intrest on the mortgage for income tax and it always helps your credit score to take out loans

i also would put some of the $$ in CD's they make better intrest then a savings account and you can do a 5 yr one after the 5 yrs take the intrest you got on the first one and open 2 CD's for 5 yrs one with the intrest one with the first amount then in 5 yrs open another 4 with the intrest and starter money you will get well worth your money out of it

Put it in the bank, use an interest earning account with a low cancellation fee (usually the only penalty is they wont pay interest if you take it out before a specific date). When you buy the land use financing and you can use that money as collateral if its in a CD or a negotiable instrument and have it still earn interest.

Did they take the taxes already? If not, I'd sure put aside for that.