Land contracts can offer a path to homeownership without a traditional mortgage, but the financial responsibilities involved are not always straightforward. Property tax obligations in particular depend on how the contract is structured, and misunderstanding them can lead to serious financial consequences for either party. Here is what to know before signing. Before entering into a land contract, here is what you need to know about tax obligations, missed payments and how to protect yourself along the way.
If you want to avoid surprises with property taxes, missed payments or contract terms, a financial advisor can help you review the…
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