What is a Land Contract in Wisconsin

What is a Land Contract in WI? A Land Contract in Wisconsin also known as "Contract for Deed" or "Seller Financing" is a loan from the seller for real estate/property instead of getting a conventional loan from the bank or having a mortgage through a financial institution.

The seller holds the title or deed and gives buyer equitable title until the contract is fully satisfied by the buyer. Then buyer will get full ownership to the property. Just like a bank loan, a land contract normally has a down payment, interest rate (commonly higher than banks interest rates), over all length of contract. The loan can be fully satisfied at the end of the contract or a lump sum is due called a balloon payment.

Buyers sometime get bank financing to pay off the balloon payment to the seller. A land contract is not just for vacant land, but can be used when buying a home, condominium, commercial property, farm land etc...

If you are looking for a land contract or contract for deed in Wisconsin please visit our website often.