Demystifying Land Contracts in Metro Detroit
Land contracts present unique challenges regarding the title, ownership, and financing of a property. In this type of real estate purchase agreement, the seller acts as the buyer’s lender and holds the title of the property until it is completely paid off.
Title One has three decades of experience navigating these situations for both buyers and sellers of property in the Metro Detroit area. To learn more about our land contracts and their benefits, call or visit one of our three office locations today.
Our Land Contract Services
Like with any other type of real estate purchase, Title One offers a variety of services to meet the needs of all parties involved in a land contract. Call or visit one of our offices today to see how our team can advocate for you in this situation.
Answering Metro Detroit’s Land Contract FAQs
Due to their complex nature, both buyers and sellers tend to have questions about land contracts. The Title One team is here to answer these questions and help you navigate this unique type of real estate transaction. If you need further assistance, call or visit our offices.
Yes. You can replace the financing arrangement of a land contract with a traditional mortgage by refinancing it. However, you will need to pay off the land contract with funds from the mortgage.
If you would like to refinance your land contract, call or visit one of Title One’s offices. Our team can walk you through this process and provide the title insurance required by your new lender.
Land contracts offer buyers and sellers many potential benefits, including:
- Lower upfront and closing costs
- Faster closing timelines
- Buying a home despite not qualifying for a mortgage
To learn more about the benefits of land contracts, call or visit one of our offices today.
In a land contract situation, the seller acts as the buyer’s lender and holds the title of the property until payment is complete. The buyer makes regular payments directly to the seller rather than to a bank or other mortgage lender. This continues until the property is paid off, at which time, the buyer gains full ownership of it.
Simplify Your Land Contract With Us
At Title One, we strive to make real estate transactions as easy as possible for our clients in the Metro Detroit area, including those involving land contracts. To get started, complete the form below. A member of our team will get back to you as soon as possible.