I’m in the process of purchasing a small park. I plan on putting 25% down And I was planning on doing owner financing for the balance.
However yesterday the seller came back to me and said that after consulting with his family, he decided to structure it as a lease rather than a standard contract. He will hold on to the deed and the title to the property until the last payment is made And at that time the title will be transferred to me.
I’ve never heard of such a thing. Is this common?