Land Contracts
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What is a Land Contract (Installment Sale or Contract for Deed)?
* Land contracts (LC) are a security agreement between a seller, called a Vendor, and a buyer, called a Vendee.
* The Vendor agrees to sell a property by financing the purchase for the Vendee.
* Sale price on a LC deal may be higher than market value.
* LC's often require a down payment of AT LEAST 15% of the agreed upon purchase, but can be as high as 30%.
* The owner-carried financing can include an existing mortgage balance or the property can be free and clear.
* In the event the Vendee stops making payments, the Trustee has the power to foreclose under the power of sale.
Vendee's Rights
For all practical purposes, the Vendee owns the property and has the right of:
* Possession.
* Quiet enjoyment and use of the property.
* Exclusion, forcing others to leave the premises.
* Resale.
Benefits to the Vendee
* No qualifying, although the Vendor could ask for a copy of the buyer's credit report.
* Down payment flexibility. The amount is negotiable.
* Length of land contract term, interest rate and payments are negotiable.
* Low closing costs. There are no lender fees to pay.
* Fast closing. Transactions can close in 7 days or less.
Benefits to the Seller
* Typically higher sales price and no appraisal. Although buyers are advised to obtain an appraisal.
* Monthly income.
* Often a better rate of return than money market accounts.
* Easy way to sell.
* Fast closing.
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