central - east central Minnesota - | oldbones - 3/6/2019 19:51 That's not necessarily right, either. When we bought a property on Contract for Deed, the property was in our name. We had all the rights and responsibilities of any other property owner. The Deed was held in escrow until we paid it off, with the seller having first lien rights. Same as a conventional mortgage at a lending institution. If we hadn't been the actual owner (as in a conventional loan) we wouldn't have been able to depreciate, the taxes wouldn't have been in our name, and the property's insurance policy wouldn't have been in our name. We would have only been renters. That's not widely used method . . . . in Minnesota specifically, the the seller/owner holds the deed until paid or could be held in escrow - but, that has not bearing on property taxes, insurance or such, it's treated the same as a mortgage. Maybe it's different in each state, regardless, in Mn, you example doesn't work out. |
If you’re selling property contact for deed, are you liable for damage to the neighbors fence?
