land contract terms What kind of terms can you ask for in a land contract?

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land contract terms
What kind of terms can you ask for in a land contract? My house payment is 1525 dollars a month and I would like to ask for a down payment. What amount would be appropriate? If my mortgage company finds out about the land contract can they ask for payment in full? And can I include something in the contract to protect myself if this happens?

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  1. Re: land contract terms
    You can ask for any amount you want as a down payment. You are correct that your mortgage company could accelerate your loan and demand payment in full if they learn of the land contract. This is called a “due on sale” clause. In reality they probably won’t find out, but there is still a risk. For more info. contact my office at (248)851-3171.

    Blake Lipman
    Law Office of Blake P. Lipman
    31275 Northwestern Hwy. Suite 140
    Farmington Hills, MI 48334

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