land contracts
Real estate financing
A land contract is a type of seller-financed real estate agreement where the buyer makes payments directly to the seller over time, rather than obtaining a mortgage from a bank.
The seller retains legal title until the full purchase price is paid, at which point ownership transfers to the buyer.
Land contracts are sometimes called contracts for deed or installment land contracts: They couldn't qualify for a traditional mortgage, so they bought the house on a land contract.
- sellerOne who trades goods
- buyerOne who acquires things
- purchase priceMoney paid for acquisition
- down paymentInitial sum toward purchase
- titleFormal honorific or name
monthly payments · legal title · clear title · deed · terms · statute · installment · balloon payment · conditions · credit risk · escrow · closing costs · property taxes · vendee · market risk · plot · contingencies · foreclosure
land contractsbank loans
FHA loans · VA loans · mortgage lending · home equity loans · refinancing
land contractslease agreements
Contracts governing property rental
rental agreements · leases · renting · license agreements · easements
land, lands, landed, landing, landings, landlord, landlady, landowner, landless