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Land Contract

fpd1520 profile photo
  • Monday, November 17, 2003 @ 04:37 PM EST
  • 4 Comments

i own a duplex, which is valued at 63000
i owe 55000 ,i am considering doing a land contract, ive never done a land contract, any tips on what i should make sure i state in the agreement,so that i still make a profit, and on what the prossess usually is,or what to expect?

thanks for your time.
confused [ Edited by fpd1520 on Date 11/17/2003 ]

Comments(4)

  • no photo
    nebulousd17th November, 2003

    Huh

    Confused with the question????

  • no photo
    fpd152017th November, 2003

    i want to sell my duplex on a land contract, but i have never done one before ...whats the prosess in doing a L/C?
    and is there anything i should make sure i state so that i dont screw myself and lose money?
    thanks
    roy

  • no photo
    swetbak17th November, 2003

    Since you are offering financing you should be getting full value, if not a little more, for your property.
    Make sure that the payment to you covers ALL your expenses, plus some profit.
    Get some upfront money (at least 10%) to keep the buyer motivated to live up to his/her end of the agreement.
    Make the total amount due in a specific amount of time (say 2-5yrs or longer if you want).
    These are just some obvious things that concern $$.
    [addsig]

  • no photo
    fpd152017th November, 2003

    thanks swetbak, ill benifit from that greatly
    anyone else?

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