MN HOMES CONTRACT FOR DEED

Installment contract or Contract for deed MN

A land contract (sometimes known as a “contract for deed” or an “installment sale agreement”) is a contract between a seller and buyer of real property in which 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 most purposes other than legal ownership. The sale price is typically paid in periodic installments, often with a balloon at the end to make the time length of payments shorter than a corresponding fully amortized loan without a final balloon payment. When the full purchase price has been paid including any Interest the seller is obligated to Convey legal title to the property to the buyer. An initial down payments from the buyer to the seller is usually also required by a land contract. The legal status of land contracts varies from region to region.

Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract In the usual, more conventional real estate contracts, a seller does not provide a loan to the buyer; the contract either does not specify a loan or includes provisions for a loan from a different “third party” lender, usually a financial institution in practice. 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.

10% down is usually what you need to buy a house in Western Wisconsin on a land contract. There are not many for sale in Wisconsin but in Minnesota we have access to 100s of them thru out the entire state .

Buyers can search for condo’s town homes-lake properties-cabins-single family real estate, Investment properties,Duplexes usually want more than 10% down.

Be aware  of Owners and Realtors offering seller/owner financing then tell you to call an investor.They will want a premium to sell you the house also the rates will be higher than dealing with a seller directly with us..

BOARDWALK PREMIER REALTY INC

BROKER

651-334-8312

STEVE VENNEMANN

mnlakeplace.com