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You don't actually own the property, you will have a contract to purchase and make periodic payments to the owner, who pledges to give you the deed when all the contract terms are met. If you miss payments, the owner can cancel the contract as per the terms and you are out the payments you have made and out on the street. It has a place in real estate, but is not a situation I would want to be part of. It used to be somewhat popular around these parts as a way to sell the less desirable properties to individuals that had no or very small downpayments.
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