QUESTION
Entering into a land contract, seller addong a promissory note. Is that good or bad?
Asked on Aug 13th, 2017 on Real Estate - New York
More details to this question:
Want to buy a property. Cost $82,900. Owner to hold $75,000. He has drawn up a land contract and attached a promissory note in the amount of $75,000. Is this normal practice? If not why would he want a promissory note in addition to the contract? I am leary of my wife and I signing the note in case we had something happen and defaulted. Any advice or clariclarifying would be great.
1 ANSWER
1 Award
Land contracts are basically a scam to avoid mortgage tax. No buyer should ever do this. Get title and give a mortgage if Seller is financing you.
Answered on Aug 14th, 2017 at 4:38 PM