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Land Contracts in Wisconsin Seller Financing * Land Contracts * Deeds of Contracts What is a Land Contract? A Land Contract also known as "Contract for Deed" or "Seller Financing" is a loan through the seller you are buying the real estate/property from instead of getting a conventional bank loan or having a mortgage through a financial institution. The seller holds the title or deed and gives buyer equitable title until the contract is fully satisfied by the buyer. Then buyer will get full ownership to the property. Just like a bank loan, a land contract normally has a down payment, interest rate (commonly higher than banks interest rates), over all length of contract. The loan can be fully satisfied at the end of the contract or a lump sum is due called a balloon payment. Buyers sometime get bank financing to pay off the balloon payment to the seller. A land contract is not just for vacant land, but can be used when buying a home, condominium, commercial property, farm land etc... Central Wisconsin Financing Institutions. Give Landman a call at 1-888-696-8695, so we can help you put your dreams into reality.
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We Don't Just Sell Land Anymore: Homes & Cabins * Waterfront & Access * Commercial * Rentals This is only a general description of a Contract for Deed. Each state has different rules/guidelines for seller financing. Land contracts are used for a variety of reason's including poor credit, not enough of a down payment or they can't meet the conventional mortgage loan requirements. Many owners will not do seller financing because they consider it a higher risk, but it could give them a steady monthly income. "Buyer, Vendee, Contract Purchaser all mean the same thing and is the same for Seller & Vendor." Definitions: Deed of Contract: Balloon Payment: Loan: Monthly Payment: Liens: Property Tax: Lender: Mortgage Company:
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