land contract?
Now not to sound dumb or anything, but when it comes to real estate I basically am. Right now we are looking for a place to move(well I"M looking...the guy's are twiddling their thumbs :P) and this add was in the paper:
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FOR RENT / LAND CONTRACT 3 bedroom home with garage. Available immediately $625/mo.
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Now what exactly does that mean? Is it the same as renting or is there more too it? Someone please help!
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basically land contract is where you buy from the seller and make payments to them, usually for a very decent interest rate, then after a set number of years you can transfer it to a conventional mortgage. the way this ad reads though, they are willing to rent it or sell on a land contract. think of it as rent to own
If you were dumb you would not be trying to find out what it means and you would just blindly go and do what someone else tells you it's in your best interest.
Land/Real Estate Contract is explained here
http://answers.yahoo.com/question/index;_ylt=AsD0g...
Best of luck to you.