(3) I get him paid up, and then we have a legal agreement that we "co-own" the house and he has to keep making payments, and if he doesn't, I can buy the house for a pre-determined price if he gets behind again - I read about this somewhere, but it's not clear how this would work to me I'm leaning toward (2), to draw up a legal document saying that he is selling the house to me, and at the same time, pay off the bank for him and get everything level so that the sale can go through and I have time to get conventional financing.

Ryan,Wouldn't you CYA a little better if you said to the seller "to make this legal, we have to put down $1 earnest money."

Hello everyone,I have a question about legally purchasing (or putting under contract) property.In Mississippi, one must be 21 years of age to purchase property.

THIS IS ONLY A PARTIAL LIST.On these thousands of properties, they must concern themselves with occupant issues, safety and hazard issues, legal and title issues, property preservation issues, expense management, documentation and company/lender auditors, investor oversight, potential insurance claims, PMI or M/I claims, government oversight, Fair Housing issues, ooh and Profit/Loss (Values).

Nor do they want to go through the legal hassle of foreclosure due to a default.

does anyone know if lease options are legal in Forida, or if you need to have seperate lease contract and option contract?

We can ultimately eliminate risk by creating a land trust on purchase properties.The Land Trust is a legal entity, therefore it can assume a loan, create seller carry back financing, etc.

In at least one state this is legally prevents as a TLC can force an auction but has no priority at the auction.

Commercial loan options that require less then 20-25% exist in bounty---97/95/90 LTV/CLTV commercial financing is available from a number of sources varying on property type, occupancy and other factors not mentioned.Unlike residential loans, legal entities don't get the bad rap with commercial lenders---the same estimates I provided above would apply.

Im trying to find out if it is legal to assign contracts here.