But after Mr. Phillips took on the starring role in ''La Bamba,'' the new film biography of Valens, the Valenzuela family paid him the highest compliment of all. ''They all called me Ritchie,'' said Mr. Phillips. ''Ritchie's brother Mario hasn't called me Lou yet.'' Similar Outlooks.
The best structure depends on who you are. From a buyer's perspective, the trust deed is preferable, as he gets ownership of the property. It also helps to insulate him from the seller. On the other hand, a land contract gives the seller more control since she retains ownership of the deed.
In a Contract for Deed, both the seller and the buyer have responsibilities when it comes to the property. Unlike a lender financed mortgage, the seller retains the property deed until the purchase price has been paid in full. Because of this, each party has different obligations in terms of insurance and property tax.