There are benefits and drawbacks to adopting land contracts since they are an alternate method of financing. Since a conventional lender is not engaged, both the buyer and the seller should carefully analyze the conditions.
Advantage #1: A typical lender is not involved.
Advantage #2: The seller has flexibility in setting the terms and conditions of the transaction.
Advantage #3: the buyer has the option to complete the transaction right away and present the seller with counter terms.
Advantage #4: Since there are no lending restrictions, a land contract has lower closing fees.
Advantage #5: Both the buyer and seller receive tax and income benefits.
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