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Land Contract

A real estate land contract is an agreement where a buyer makes payments toward a seller’s mortgage instead of arranging a new mortgage loan. Land contracts usually require you to pay installments to a liaison, who forwards the payments to the seller’s mortgage lender. Complete ownership of the property and title transfer does not become official until all payments are made or until you refinance the mortgage in your name.

Such an agreement usually violates a lender policy, and discovery of such transactions can empower the seller’s lender to demand full repayment of the loan.

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Client will receive between .500 discount points and 1.750 discount points off current pricing. This offer is only available to clients who lock their interest rate while completing the application process before 11:59 p.m. ET. on May 27, 2020. Offer valid on purchase and refinance conventional product only loans with a minimum loan amount of $100,000. Offer does not apply to loans submitted to Quicken Loans through a mortgage broker, jumbo loans, Portfolio loans, Agency-plus loans, non-agency loans, FHA loans, VA loans, USDA loans, or team member loans. Offer not valid with any other discounts or promotions, including PowerPack. Offer is non-transferable. Offer cannot be retroactively applied to previously closed loans or loans already in process. Offer may not be redeemed for cash or equivalent. Quicken Loans reserves the right to cancel this offer at any time. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole direction of Quicken Loans. This is not a commitment to lend. Additional restrictions/conditions may apply.