Buying or Selling on a Land Contract

Did you know most land contracts will require 10-20% of the purchase price for a down payment? Michigan allows sellers the option to ask up to 11% interest.  Land Contracts are usually short-term, (2-5 years) with the balance to paid in full at term end.  The deed does not transfer to the buyer until the property is paid in full.  Land contracts can have stipulations regarding the things you can and can not do to the property, such as cut a tree or remodel the home.  A land contract is a legal and binding contract that will stand up in a court of law.  Consider these things before buying or selling on a land contract.  If you have any comments, questions or concerns regarding this topic you can email me at carol.young@cbgreatlakes.com.  

Thank you for reading my blog and remember Northern Michigan is the place to be!

Carol Young

Carol Young

Realtor
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