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Dangers of land contract? lease option?
My daughter is wanting to move option#1 lease option 1500 down does not include first months rent, nor does it include appliances, they have to acquire renters insurance and the payment is 625 per month the 1500 is a lease option fee what is that? after 2 years they will have the option to purchase the home. option#2 land contract 1500 down 525 per month 8.8% interest completely remodel and does include appliances any one have any positive or negative issues to share with me?and/or things to check out?
Public Comments
- First thing I would do is get an Atty who will know how to protect her in either scenario. If you do not do that then you are asking for trouble in these kinds of deals. As in the massive foreclosure rate and the possibility the house is already in foreclosure or the payments will not be made. Make sure the remodeling is done PRIOR to signing the contract your Atty has throughly gone over. This is such a bad idea on so many levels. Also make sure the taxes are up to dae. Again do not skip step one.
- sounds like yet another one of those scams where they do not really own the home and are flipping it to you for some quick cash on a reassignment contract.
