Land Contracts

Using a land contract (or "contract for deed", or other similar terms) to buy your home is very similar to getting a mortgage loan from a lender and using these funds for your purchase. Some of the terminology is slightly different.

The seller is known as the VENDOR. The buyer is the VENDEE.

In this type of transaction, the seller/vendor makes the final decision about whether or not to make the loan.

Whether you use your own funds and pay cash, or if you borrow the money from a lender, or if you buy on the installment plan (land contract sale) directly from the seller - you OWN the property!

You do not receive the deed to your property until you fully discharge the land contract, but you do get what is known as equitable title. This form of ownership en"titles" you to all of the rights (like the tax benefits) and privileges (like paying the property taxes!) that cash buyers get.

As a licensed mortgage broker in Florida, I'm able to assist better then a buyer's bank, from the simple reason that I work with dozens of different wholesale lenders and able to search and provide the best mortgage plan suitable to your real estate needs.

Eli Magen.

Mortgage broker specialist.