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From reviewing contracts and negotiating terms to conducting title searches and the closing process, we can help. We also have title insurance capabilities, and can be your full service real estate transaction single location.
An experienced attorney can help you navigate the complexities of real estate transactions with ease. So why not make your home-buying journey a little smoother? Contact us today to learn more about how we can help you achieve your dream of homeownership!
In a Land Contract, the buyer agrees to make payments to the seller over a period of time, rather than paying the full purchase price upfront.
Land contracts can be a useful tool for buyers who may not qualify for traditional financing.
The buyer gets access to the property after closing, and the seller gets to keep the interest money that otherwise would have gone to the financial institution. Since the interest is negotiable, the buyer could possibly get a more favorable interest rate, allowing them to qualify for more than they would have with conventional financing.
Land Contracts generally balloon after a period of time, meaning the full price becomes due. At that time, the buyer typically gets conventional financing with a potentially more favorable interest rate, and has less to pay down (as the principal payments are applied against the overall purchase price).
The seller then gets paid the entire amount owed and does not need to “be the bank” for an extended period of time.
A true win-win!