Land Contract

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Can anyone tell me exactly how to use a land contract and where to find the form. I am selling a house to a relative that can't qualify for a loan at this time and someone mentioned doing a land contract on the property. Please help!

P. S. this is my very fist post on this site, I think this site is wonderful.

[Jim Gordon]

This is just a thought but why do a land contract? What I would do with a relative that can not qualify for a mortgage is let them lease the property with an option to purchase. It is a much cleaner way to go for you the property owner and if you run into problems later (relatives are always the last to get paid) it makes for cleaner way to end the transfer of the property. The furture sale date and price can be written into the lease to protect both parties in the transfer of the home.

It's great that you can afford to help family members get a start to home ownership but don't help yourself all the way to the poor house.