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Real Estate III 29 North Office
Real Estate III 29 North Office
Charlottesville, VA 22901
Phone: 434-817-9200
Contact Us

Real Estate III West Office
Real Estate III West Office
Charlottesville, VA 22903
Phone: 434-817-9300
Contact Us

Real Estate III East Office
Real Estate III East Office
Charlottesville, VA 22911
Phone: 434-817-9600
Contact Us

Real Estate III Washington Office
Real Estate III Washington Office
Washington, VA 22747
Phone: 540-675-1373
Contact Us

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Land Contract

An alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations.

A land contract can be helpful for those who need time to establish or improve their credit rating. There are only small closing costs, and payment can help establish a good mortgage payment record. This can help establish an overall good credit rating, and it is possible for the buyer to later refinance the land contract with a conforming loan.

On the other hand, there are risks associated with land contracts. Land contract purchases are not necessarily recorded in the public record, and there are no guarantees that the seller will be able to transfer a clear title to the buyer upon fulfillment of the land contract. There also is no lender assuring that the purchase price for the property is justified, and no inspection of the property’s condition.

Another alternative to a non-conforming loan is assuming the seller’s mortgage. By assuming a mortgage, if the mortgage is assumable, it is possible to save on closing costs, and may allow you to obtain a favorable interest rate.

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29 NORTH OFFICE
2271 Seminole Lane
Charlottesville, VA 22901
434-817-9200 | Contact Us
WEST OFFICE
2216 Ivy Road - Suite 210
Charlottesville, VA 22903
434-817-9300 | Contact Us
EAST OFFICE
1430 Rolkin Court - Suite 101
Charlottesville, VA 22911
434-817-9600 | Contact Us
WASHINGTON OFFICE
291-A Gay Street
Washington, VA 22747
540-675-1373 | Contact Us

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