I’ve heard this term over and over through the years. I never actually took the time to look into what a land contract home was. I was asked to do a review of a website that includes finding Sacramento Land Contract Homes. So now as I write this post I am going to learn what a land contract home is and share it with you, that is of course if you are like me and do not know.
What I gather from looking at this site is that a land contract home is a rent to own option. This would be a good place to start for affordable housing options. We have talked about the rent to own option of home buying before.
The site is easy to navigate. There are scrolling photos at the top that you can click on. It also tells you step by step on the homepage what the process is that you need to take on the site. At the very top of th epage you can specify what sort of home you are looking for by choosing the number of bedrooms and bathrooms you are looking for as well as the price range and location. This will help you narrow down the listings available on the site.
The site has a free trial you can use to be able to view the photos of the listings. I searched in Denton, Texas for properties and they had a bunch of listings for the area. This is definitely something we may look into when we get closer to wanting to buy a home.
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Good article! There is a difference between Rent to Own and Land Contract transactions. With regard to Rent to Own, the landlord remains the homeowner and a portion of the rent is applied to the principle or the balance of the cost of the home. The deed remains in the landlord’s name, and he/she continues to have full rights to the property.
With regard to Land Contract, the buyer becomes the homeowner and the seller becomes the bank. Depending on the State, the deed is transferred to the buyer and filed with the County Clerks Office. The seller no longer has rights to the property unless the obligations within the contract is not met, at which time foreclosure proceeding can take place.
There’s more involved that I will not go into here, however this sums up the two differences.
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