Land Contract Questions

[Joseph Cornwell]

Hello BP,

This is my first land contract and I have a few questions I am hoping to have answered. Here is the scenario: I am part owner of a parcel of land, and the selling agent. I am representing other family members who are part owners as well. We have a purchase contract/terms agreed to and the land contract is being drafted by the title company currently. We are set to close on 10/2/16.

My question; we agreed to a 30 year amortized schedule, with a 2 year balloon. During the first 2 years, are the payments paid in a typical 30 year fashion, with mostly only interest paid? Second, there are 5 total owners including myself (each with different % of ownership), would the title company, or any other company disperse the proper monthly payment amounts to each owner, or is that left up to us(me) to figure out? Sorry if any of these are stupid questions, again first time dealing with a land contract. Thank you all!