Lease Purchase Land Trust System (Illinois Land Trust)?

I answered a "no money or little money down" ad. From what was explained to me you have the legal owner, the person looking for a house (me) and a RE investor.



The RE said that there is no time limit BUT when we decide to get our own financing we will split the equity with him. I am totally clueless here, any advice, things to look out for, what are the worse case scenario.



I know I need to do my own research (Im reading on here)and I will have an attorney look at the contract.

Comments(3)

  • tguerrino7th April, 2007

    Call your title company who gave you your owners policy, they can put in a claim if you cant resolve it yourself. That is part of what title insurance covers and helps with you should be able to be giuded in the right direction.

  • ceinvests8th April, 2007

    Since you bought this property from this person, was this major defect disclosed? Did you know this before you bought? A survey done?

  • linlin30th April, 2007

    Actually since the seller owned both properties he probably knows or should have known of the encroachment. Did you get a survey first?

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