# 16 – Joint Venture
# 17 – ContractofSale
SO MANY WAYS TO BUY( PART 2) BRUCE KELLOGG
# 16 – Joint Venture
A“ joint venture” is where two parties undertake a project together, such as a“ fix and flip” of a property. One party usually supplies the funds, while the other supplies the expertise and management. This is often called a“ rich man, poor man partnership” and is a great way to get started. A“ JointVenture Agreement” describes the arrangement. These can be found on the internet.
# 17 – ContractofSale
The“ ContractofSale”, also called“ Contract for Deed”,“ Land Sales Contract”, or“ Land Contract” is a method of acquisition that defers the buyer ' s receipt of the deed( fee ownership) until all of the contract ' s terms have been fulfilled. Meantime, the purchaserhas what is known as an“ equitable interest”, an interest under the contract. It is a security device for the seller who is financing the transaction. It ' s a good method for selling to a buyer with a low down payment or weak credit that can be improved over time. Since it is a contract, foreclosure requires an action in court. Additionally, most states have a“ right of redemption” where the foreclosed party has a certain period of time to pay the arrearage plus costs and recover the property. For a purchaser, it is an easy way to begin ownership of a property. A good practice is to obtain a quitclaim deed and record it if the contract in not fulfilled. This cleans up the title.