Buying Property with an Installment Land Agreement

If you're looking to buy property but a traditional mortgage isn't an option, an Installment Land Agreement (ILA) might be the solution. An ILA allows you to pay the seller in installments, similar to layaway, while using the property. This method, also known as a Contract for Deed or Bond for Deed, involves finding a willing seller, negotiating terms, signing a contract, and making payments until the title is transferred. Unlike standard purchases, the title remains with the seller until the final payment. While ILAs offer flexibility and easier qualification, they come with risks like not receiving the title until the end, potentially higher interest rates, and limited legal protections. Always check local laws to avoid pitfalls. Go deeper on this topic: Click here.