Land Contract

Many potential homeowners choose to purchase land and build a new home on the land versus buying a home that is already there. This type of transaction requires the purchase of a land contract. So what is a land contract and what can you do to obtain one? A land contract is basically a deed to the land you are purchasing that allows you to pay for the land in installments, very similar to a mortgage payment on a home. Before you can get the actual deed to the land, you will have to pay almost all of the outstanding balance on it, so remember this important fact when looking to purchase land. You can, however, choose to pay off the entire amount at once, which can make the transaction smoother, and allow you to own the deed much sooner.

Consulting a real estate agent or company before purchasing a land contract is extremely important. Professionals can advise you on the particular laws for your individual state, and help you research taxes and other important fees that you may not know about at the time of purchase. Some people also recommend consulting an attorney before purchasing a land contract, but this is optional if you have a good real estate agent who knows the seller and the land fairly well. Not all land contracts are simply for the land only; many of them include the property that sits on the land. In this case, be certain of what you are paying for before you sign on the dotted line. You don't want to be stuck with both the mortgage payment and the land payment if you cannot afford it. Sometimes, you can consolidate the two so that you're only making one monthly payment on both the property and the land itself.
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