New York Owner Financing Homes, Houses, Townhomes, Condos

NYOwnNow.com is your resource for owner financing homes, houses, townhomes, and condos located in New York. Whether you are looking for a Contract for Deed in NY or possibly you need an owner to carry a second mortgage, you have found the best resource for owner financing homes in New York.

Rent to Own Homes in NY

Another form of owner financing can be Rent to Own. Your best source for Rent to Own houses and homes in New York is located at NY Rent to Own.

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Real Estate Agents, Property Owners, and Management Companies

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Owner Financed Homes by Area in New York

Newburgh, Middletown, and Orange County (2 homes)
Poughkeepsie and Dutchess County (3 homes)

What is a Contract for Deed?

A Contract for Deed (aka 'installment land contract) is an agreement wherein the buyer makes payments on an arrangement similar to an vehicle financing. The seller has legal title to the property as security for payment, while the buyer has 'equitable' title. When the buyer pays the full amount due under the contract, the seller delivers legal title to the buyer.

Equitable title gives the buyer the right to live in the property, improve it, rent it and otherwise enjoy all of the benefits of ownership. However, since the buyer does not have legal title, he cannot use it as collateral for a home equity loan (although in some states, banks will lend against an equitable interest in a land contract).

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How does Rent to Own Work?

'Lease-option' or more commonly called a Rent to Own describes the process whereby you are only buying the right to buy a home at some time in the future at a given price (or again, at a price to be determined). With a lease option you are under no legal obligation to buy the property ('exercise your option') if you determine that doing so is not in your best interest.

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