How a Land Contract Works
A land contract is a legally binding agreement between two parties: the buyer, sometimes referred to as the vendee; and the seller, aka vendor. In this relationship, one party agrees to finance property for another in exchange for their meeting agreed-upon terms of service.
A land contract is a type of real estate transaction that doesn’t involve the seller transferring legal title to you. A buyer gets rights for equitable ownership, which can help increase equity in your property and give you more flexibility when it comes time to pay off this loan. There’s one catch though: if you want out on your agreement early without paying all the money owed back then know there are some serious consequences!
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