What Is Owner Will Consider Land Contract?
The phrase "Owner will consider land contract" means the seller is willing to finance the sale of the property. A land contract allows the buyer to pay the seller for the property in installments, with title passing to the buyer when payment is complete.
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Negotiate Your Terms
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It indicates the seller is open to negotiation on all contract terms and will finance the sale by accepting the purchase price in payments over time. This can mean flexibility in the amount of an earnest money deposit, the length of the contract and the rate of interest paid over the life of the contract.
Benefit to Seller
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The seller's willingness to accept a land sale contract can make an undesirable property more attractive to a wider range of buyers.
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Benefit to Buyer
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The ability to purchase land without obtaining a commercial loan can make property ownership possible for buyers with less than perfect credit.
Sealing the Deal
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The terms agreed upon between buyer and seller must be reduced to writing. Most jurisdictions require the writing be filed with the local recording office to be legally enforceable.
Caveat
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A poorly written land contract can have serious consequences for buyers and sellers. Avoid disaster by having an attorney review the contract before signing.
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Resources
- Photo Credit real estate image by Andrei Merkulov from Fotolia.com
