They hold the deed until you pay. MAKE sure you still get title insurance and treat it like any other Real Estate transactions. If the person is dishonest you can get screwed, esp if he is also the one financing you. I am not saying he will but some will fore go inspections, checking the title, appraisals, VERY SPECIFIC CONTRACTS ON ALL THE DETAILS OF WHAT IS BEING SOLD and for HOW MUCH etc., in this type of situation. When you don't involve professionals such as real estate agents, banks, attorneys, title companies, inspectors, appraisers people can be taken advantage of.
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They hold the deed until you pay. MAKE sure you still get title insurance and treat it like any other Real Estate transactions. If the person is dishonest you can get screwed, esp if he is also the one financing you. I am not saying he will but some will fore go inspections, checking the title, appraisals, VERY SPECIFIC CONTRACTS ON ALL THE DETAILS OF WHAT IS BEING SOLD and for HOW MUCH etc., in this type of situation. When you don't involve professionals such as real estate agents, banks, attorneys, title companies, inspectors, appraisers people can be taken advantage of.