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If a buyer fails to repay the owner financing, the recourse for a seller depends on the agreement. In a rent-to-own arrangement, for example, the seller might be able to start the eviction process.
When used in the context of residential real estate, it is also called "bond-for-title" or "owner financing." [ 1 ] Usually, the purchaser will make some sort of down payment to the seller, and then make installment payments (usually on a monthly basis) over a specified time, at an agreed-upon interest rate , until the loan is fully repaid.
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If the owner defaults on the payments, the finance company has the legal right to repossess the vehicle. At the end of the agreement, the customer either pays the balloon payment and takes full ownership of the vehicle, or the vehicle is returned to the finance company without any further liability. [1]
In contract law, a land contract, (also known as contract for deed or agreement for deed), is a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments.
Key takeaways. Homes sold by their owners often sell for a lower price than traditional, agent-represented listings. FSBO buyers should be extra-careful to make sure all necessary paperwork and ...
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