It is against the law to sell landlocked property. My suggestion would be to contact a good real estate attorney. The title company should have brought this issue up to you and the seller is required to disclose. The "landlord" can not withhold granting you access. John brown Remax Advantage, Portage Mi... more
It means that the seller of the property is offering seller financing. A land contract is a legal agreement between the buyer and seller where the seller holds the title of the property until all the terms of the land contract have been met. Usually there is an agreed upon sale price, length of time the contract is in effect, a stated interest rate, stated monthly payments, etc. The terms of the land contract are what the buyer and seller agree on. Normally land contracts will expire in 2-5 years and the buyer would be expected to get a mortgage at that time to pay the seller off. The advantage of a land contract is that it gives a buyer who does not qualify for a mortgage time to repair his/her credit so that they can get a mortgage within the timeframe of the land contract. The advantage to the seller is that it opens up a much larger buyer pool since there are so many people with credit issues now due to the foreclosure crisis who need time before they will be able to get a mortgage again.
Keller WIlliams Realty