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What is the downside of a land contract?

Land contract cons. Higher interest rates \u2014 Since the seller is taking most of the risk, they may insist on a higher interest rate than a traditional mortgage. Ownership is unclear \u2014 The seller retains the property title until the land contract is paid in full.

How long can a land contract last in Michigan?

Most land contracts will require the buyer to make a down payment of 10% or more of the purchase price. Then, the seller will have to make installment payments for a set period of time. The terms can vary, but most agreements are between two and four years.

What happens if a buyer defaults on a land contract in Michigan?

In Michigan, the normal default process involves a forfeiture on the land contract. Land contract forfeiture actions do not allow the seller to collect on monetary deficiencies, such as selling the home for less than what was owed by the buyer under contract.

What is the average interest rate on a land contract in Michigan?

It is possible for the interest rate to change over time, but the average interest rate has to be 11% or less. In general, the buyer is in charge of making all repairs and paying property taxes in most land contracts.

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