Wednesday, June 15, 2011

Who owns the house on a land contract, to the seller or the buyer?

  • Seller but the buyer has an equitable interest, rather than on a lease-option.
  • Seller until a recorded deed land contract that gives the buyer of certain rights or the fact that the seller to the buyer.
  • The buyer is an owner of a contract, the seller is the legal owner. If the seller did not want to fulfill the contract, the buyer should have the seller to court and enforce the contract. That is why there must be legal language stating that the loser pays any claim attorney's fees (do not know when the lawyer was reasonable).

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