Tag: benefits of selling
A contract for deed (aka land contract) is a method of selling a property in which the seller finances some portion of the purchase price. The buyer typically provides a down payment and makes installment payments directly to the seller for an agreed period of time. The length of a contract for deed varies but a 2-5 year period is most common, after which a “balloon payment” for the remainder of the balance is due. The payments are usually determined by using an amortization period of 30 years.