In a land contract, the seller finances the purchase directly for the buyer instead of the buyer obtaining a bank loan. The buyer makes regular payments to the seller according to the agreed schedule. Once all payments are complete, the seller transfers the deed to the buyer. During the contract period, the buyer takes possession of the property and is responsible for its maintenance.
A well-drafted form addresses these critical elements:
Unlike a traditional mortgage, a land contract does not involve a bank or third-party lender. The seller acts as lender, which speeds up the purchase process and opens the door to more flexible payment terms. Buyers who cannot obtain bank financing use this arrangement to purchase property directly from the seller. Sellers receive interest income over time rather than a single lump-sum payment.
For additional real estate transaction documents, see our real estate purchase agreement and land contract agreement templates.
| Question | Answer |
|---|---|
| Form Name | Blank Land Contract |
| Form Length | 3 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 45 sec |
| Other names | michigan land contract form, land contract agreement michigan, sample land contract michigan, how to write a land contract in michigan |
