How Does Buying a Home by Land Contract Work?

Land Contracts have a number of names: sometimes they are called Trust Deeds, Contract for Deed, Deeds of Trust, Notes, or Privately Held Mortgages. But they all represent the same thing: a way of selling property where the buyer relies upon the seller for the financing rather than paying cash up front or borrowing from a bank.

So what is the process of buying a home or undeveloped property via Land Contract?

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Do I Need Homeowner’s Insurance if I Sell My House Via Land Contract?

Selling a house via Land Contract or Contract for Deed allows the seller to finance the purchase price on behalf of the buyer. The seller maintains a financial interest in the home until the buyer pays off the Land Contract fully.

The question of insurance comes into play when the property detailed in the land contract is under mortgage with the seller, and not owned outright by the seller.

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