Land Contracts: Closing and Taxes
How do you close on a land contract and what does that mean for taxes? We will talk all about this in the last of our four-part vLOG series. Enjoy the video!
Background: A land contract, also known as a contract for deed or installment land contract, is a real estate transaction where the buyer pays the purchase price of the property to the seller over time, rather than obtaining financing from a third-party lender. The seller retains legal ownership of the property until the buyer has fully paid off the purchase price.
Note: We are not lawyers or CPAs. Always consult yours.
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