Ive done it both ways for clients over the years plus bought and sold myself, and as an attorney I'll give you a simple answer:
Its in the best interest of the Seller TO CONVEY IT BY DEED FOR CASH. That way youre done with it and the property taxes and worry and liability or risk of loss etc etc and you have your money.
In the event of a Conditional Land Installment Sale Contract. Its best for Sellers to NOT even have the contract recorded and if possible get a Quitclaim Deed from the Buyer in case of default. HOWEVER for the Buyer you want it recorded and a deed placed in escrow if possible
This subject can fill entire law libraries so seek professional legal advice NOT from chat boards or lay persons is my best free legal advice.
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Today's Featured Article - Show Coverage: Argyle and Mt. Pleasant Labor Day Weekend Shows - by Cindy Ladage. The last fling before summer fades into fall and we get busy in the fields are the annual Labor Day tractor shows. Beginning on September 5th and running through the 7th, the Argyle Antique Gas and Engine Show is held at the Argyle State Park. Located in West Central Illinois, the pine forest was the setting for the opening of the 22nd show. This year we decided to try to sell a few tractor parts, literature and wrenches to offset my husband's buying sprees. Saturday
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