land contract vs owner financing?

[tkfaust]

What is the name of your state? Kentucky-my house has been on the market for over a year through an agent. I am going to fsbo-what is the differnce between a land contract and owner financing? I have had an offer of $5000 up front and then the buyer would pay monthly payments, including a stipulation that in case of default the house would refer back to myself. The gentleman refered to this as a land contract, but a friend of mine did the same thing with his house and he called it owner financing. Is there a difference? HELP!!!

 

[FarmerJ]

Spend the money to have a lawyer work with you on this potential sale its worth every penny . The lawyer will make sure your contact for deed /land contract meets your states laws and can also Inform you of all the risk you take selling that way and give you a rough Idea Of how long it could take to re claim the property should the contract be breached . ( I had bought my first home many yrs ago on what we call contract for deed here , The lawyers fees were reasonable . And worth every penny )

 

[ebeneezer]

Yes, the "land contract" is a form of owner financing. However, if you are unfamiliar, then do invole an attorney as mentioned earlier.

 

[tkfaust]

Thank you for your replies. I found lots of very helpful information thru this site!!!!