Particularly for people in unique situations whom don’t meet lending that is traditional, purchasing a home on land agreement can frequently be an excellent replacement for renting.

The thing is that many land agreements have actually a requirement that the house is refinanced within three to five years.

Let’s simply just just take one step straight right back for a second though.

What exactly is a land agreement?

A land agreement (or agreement for deed) is just a personal loan between the client and vendor. The vendor will act as the mortgage company. Therefore as opposed to the customer likely to ABC Mortgage business, they get personal funding through the vendor. Continue reading