It is used primarily where the buyer cannot get conventional financing to pay the entire purchase price at once.
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What is a land contract.
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Land contracts are a great opportunity to maneuver around these issues and still get paid for what your real estate property is worth.
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In fact the homebuyer can skip the mortgage and loan process altogether avoiding fees and long application processes.
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A real estate lawyer can help with negotiation addressing mortgage fraud managing foreclosures and bankruptcy transfers of titles and deeds property ownership disputes zoning issues creating a co ownership contract for joint purchase of a property and much more.
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It is very difficult to find qualified buyers in today s real estate market especially near detroit.
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Rather than paying the entire purchase price at closing the buyer pays the seller in installments and receives a deed when all the payments are made.
A land contact is a real estate financing device.
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Contract for deed agreements also commonly referred to as installment agreements or land contracts are less costly and much faster than using a mortgage to finance a home.
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Our attorneys have been drafting land contracts and representing real estate buyers sellers for over 30.
However it can also be used where the seller does not want the entire purchase price at once opting instead to receive a.
Often a land contract will have a short term and involve a lump sum balloon payment of the balance when the buyer s equity.
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