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With a land contract the seller provides financing to buy the property for an agreed-upon purchase price and the buyer repays the loan in installments.Under a land contract, the seller retains the legal title to the property, while permitting the buyer to take possession of it.

For several reasons, the buyer or seller may decide that the contract is not to be recorded in the register of deeds.

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If you choose to not retain a real estate attorney, there are online companies that sell ready-made land contracts.

Finally it is not uncommon for land contracts to go unrecorded.

When third party lenders are involved, typically a lien called a mortgage is placed on the property so that the value of the property is used as collateral until the loan is paid in full.

Last modified 14-Feb-2017 16:25