Land Contract
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.
[ Edited by fpd1520 on Date 11/17/2003 ]
Huh
Confused with the question????
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
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]
thanks swetbak, ill benifit from that greatly
anyone else?