What is the Difference between a Land Contract, Agreement for Deed, and Owner Financing?


Howdy FMM:

It has been my experience that a land contract and contract for deed are the same, where the seller keeps title until the buyer pays off the agreed sales price or perhaps a part thereof and then the deed is transfered.

Owner financing can also be the above method or by sub2 or also where the seller deeds the property to the buyers and receives a mortgage or note and deed of trust or some other financing instrument. It could even involve the buyer getting a new 1st mortgage and the seller financing a second mortgage.

All involve the seller lending money to the buyer to help with the purchase of the property.

I hope my feeble attempt to explain this helps a bit

Thank You Ted.
That really helps!!!