An Installment Land Sales Contract, also known as a land contract, is a type of seller financing where the buyer agrees to pay the purchase price in installments over time while taking possession of the property.
A land contract, also known as a contract for deed or installment land contract, is a real estate installment selling arrangement where the buyer can use, occupy, and enjoy the land, but the deed is not delivered by the seller until all or a specified part of the sale price is paid.
**Owner Financing**, also known as **Seller Financing**, is a real estate financing method where the property seller directly finances the purchase for the buyer, bypassing traditional lending institutions. In this arrangement, the seller extends credit to the buyer, who agrees to make regular payments, including interest, until the loan is paid off or the property is refinanced.
Credit given, evidenced by a written obligation that is backed by property; slang for debt, often used in contexts such as seller financing.
A purchase money mortgage is a loan provided by the seller of a property to the buyer as an alternative to traditional mortgage financing. This option facilitates property sales in scenarios where obtaining a conventional loan is challenging.
Seller financing, also known as owner financing, is a method in which the seller of a property provides a loan to the buyer for the purchase of the property, as opposed to the buyer obtaining a mortgage through a third-party lender. This is often used when traditional lender financing is unavailable or less attractive.
A Vendor's Lien is a collateral granted to the seller of a property as security for a promissory note taken by the seller as part of the selling price.
