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land contract |
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Land contract A method of real estate financing; a mortgage-holding seller finances a buyer by taking a down payment and subsequent payments in installments, but holds the title until the mortgage is fully repaid. Land Contract A contract in which a buyer agrees to purchase real property from the seller for a certain price and on a certain payment schedule, but in which the seller retains title to the land until all payments have been made. A land contract may or may not amortize payment evenly, so that it may require a large balloon payment at some point in order to transfer title. Land contracts are most common either for buyers who would not qualify for a normal mortgage or for purchases made for investment purposes. In the United States, different states have different regulations and restrictions on land contracts. See also: Lease with an option to buy, Rent-to-own. land contract Also called a bond for title, land sale contract or contract for deed. It is a financing arrangement for real property,in which the seller holds the financing and the legal title and does not give the buyer a deed until all payments have been made in full.For many people with the inability to secure financing, it is the only practical way for them to own a home. The practice is perilous, though, and could result in the loss of the property, and substantial money spent over the years, simply because of one late payment. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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``I bought the property on a land contract -- nothing down and paying only the interest on the loan. During fiscal 2003-2007, FSA will offer land contract guarantees to growers with fewer than 10 years' experience in Iowa, Indiana, North Dakota, Pennsylvania, Wisconsin and Oregon. Even so, it's not a guarantee that you'll land contracts. |
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