Land Contracts here in NY are not well-liked by attorneys and they are not common, which they are in some other states.The concerns hinge around several "What if''s". What if one party dies? What if you fail to pay (assuming the owner has a mortgage). And so on. They are used mostly to skirt around a mortgage that the owner has when the buyer cannot get sufficient money to allow them to pay it out and meet their other needs. Other times, it is used when short-term needs of the buyer need to be considered. He has a home to sell but wants to buy first, he has credit problems and needs time to get them repaired, he has no business track record and it's a commercial purchase.... Foreclosure is about as difficult as it is for a conventional mortgage, so the owner stands little to gain there. With so little incentive offered by a land contract, you may expect to pay somewhere else - higher price, higher rate of interest or somewhere. Maybe you will be lucky and avoid this.
As an agent, I have no problems with them. I get paid either way. I've done a few.