Thank you! I would conclude then that this land contract can be written up with different variations, such as how much down, payment per month and how long they have to complete the purchase...which is where my next queston lies. what would a typical one look like with using made up numbers? the paperwork is written up as sold, but the deed remains with the seller. so buyer agrees to a price of $100,000 with $10,000 down, with payments of $1000 per month for...this is where my question is. this time frame is usually what? 1-5 years? so if you took the 100k minus the 10k down they owe you 90k. for every month they pay $1000 they owe $1000 less of the balance of 90k?
so if after two years of a land contract as stated above, their final purchase price they would need to get from the bank would be $66,000?
what happens when they stop making payments or decide not to buy it after two years? are they entitled to any portion of their payments back if they leave the deal?
thank you again!