A land installment contract (also called a land contract or articles of agreement for warranty deed or contract for deed) is an agreement between a real estate seller and buyer, under which the buyer agrees to pay to the seller the purchase price plus int
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés.
For your convenience, the complete English version of this form is attached below the Spanish version.
Think about your finances and make sure you understand the terms. It’s also wise to know the land’s worth and any future plans for the area—like checking the weather before a hike!
Typically, you can sell it, but it might depend on the terms of your contract. Make sure to read the fine print—like getting a good map before you head out.
While it's not required, it's a smart move to have a lawyer look it over. Better safe than sorry, and they can help you avoid any potential pitfalls.
Yes, it's a two-edged sword. If you miss payments, you could lose the land, and you might not have the same protections as with a mortgage, so it's good to tread carefully.
One big perk is that it can be easier to qualify compared to traditional loans. Plus, you don’t have to worry about hefty down payments right off the bat.
You make regular payments to the seller, usually monthly, and in return, you get to use the land. After you've made all the payments, the title transfers to you, just like flipping a switch.
Once all payments are made, ownership is transferred through a deed. It's like flipping the switch once the last payment is in—then the land is all yours!
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