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Buying A House On land Contract

There are many things a buyer has to consider when they are purchasing a home. First the buyer needs to look at who is selling the home, is it being sold by an owner or though a real estate office.

If you find that the home is being sold though a real estate office, there is most likely fees involved in this, this will be in addition to any closing cost involved. This of course can make the total cost sale price for the buyer a lot different than if was originally. Sometimes the seller will be willing to pay the closing costs and the real estate fees to get the sale.

There are also a lot of different forms for the buyer and seller to sign. When you are buying a house on a land contract you can either go through a real estate office or private sale. Depending on the method involved the terms may vary. Most often the real estate land contract is going to offer a few months for financing to be found and then the deal must be completed with the deed of trust exchanging hands.

With a private sale you will have more options if you are buying a home on a land contract. In this situation the buyer and the seller agree to a set term of time meaning the buyer must have the full amount of the purchase price paid by the end of the contract. This payment can be made as a balloon payment.

In other words the buyer has been paying a monthly payment to the seller during the land contract agreement, which means the total amount due is less the down payment as well as the monthly payments being made. The balloon payment is going to be the rest of the purchase price owed.

This means that the buyer will have a smaller mortgage than was originally planned if the contract was for two months rather than a longer term. When buying a house on a land contract the buyer has more time to qualify for a loan, but the seller is not making their mortgage payments any more. Therefore this means the buyer is taking care of the cost of the mortgage.

This will leave the seller free to buy other property or give them more money for something else they may want to buy. When buying a house on land contract the deed of trust will not exchange hands until the entire purchase amount has been made. In short this will mean if the seller or buyer defaults on the contract the house then becomes the property of the seller.

Charlie Goldie writes articles on a part time basis and is currently working on some projects. He lives in the Napa Valley and runs his own business on a part time basis. He is working on early retirement in the near future.

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