First and foremost, if you can afford the monthly payments without any stress or hardship, you are approved!  There are no credit checks, employment or income verifications, or background checks.

All you need to start the process is to choose your property on my website and then pay the down payment and document fee.  There will be a substantial down payment and the first $2,500 of your down payment is paid as a non-refundable earnest money deposit to reserve your land parcel.  You will also pay a non-refundable documentation fee of $500 to cover the costs of the paperwork to process your loan.  One twelfth of all property taxes will be paid monthly as part of your monthly payment, and will increase upon each one year anniversary of your loan if the property taxes increase.

There is a $25 monthly fee added to each monthly loan payment to cover the costs of using a loan servicing company to collect your monthly loan payments.

There are no pre-payment penalties so any extra cash you pay over and above your regular monthly payment will greatly speed up the repayment of your loan, shorten your payment term, and reduce your interest expenses.  All closing costs besides those already listed above are the 100% responsibility of the Buyer.  A $35 late fee will be charged if your payment is late by more than 5 days.  Payments will be debited automatically from a bank account of your choosing.  Returned checks will incur a $35 fee.

You will have ample time to review all financing documents before paying your non-refundable $2,500 earnest money deposit and $500 loan documentation fee.

The $2,500 earnest money deposit will be credited toward the down payment needed to purchase the property; the $500 loan documentation fee will not be credited toward the property purchase price.

The earnest money deposit and document fee are both non-refundable. So please be sure the property and terms are right for you.

The maximum allowable loan repayment term is 15 years.  Choosing a shorter loan repayment term will save you thousands of dollars in interest payments.

When title transfer occurs after satisfaction of all land contract terms, property taxes will be prorated.

When necessary, closing and title services will be provided by either First American Title Company or Boston National Title Company.

Our Owner Financing program uses a Contract for Deed, also known as a Land Contract.  A conventional Promissory Note, and Purchase and Sale Agreement listing all loan terms and specifications are also utilized.  While you are making your payments, the property remains titled in my name, Joel Freedenberg dba Market Pro Land. When the property is paid in full after all agreed upon payments have been made, a deed will be drawn up in your name and the property will be officially transferred into your name.  You will pay all deed preparation and deed transfer and recordation costs.

If you would like to review your documents, please contact us and I will be happy to send you copies.

Here are some other contract highlights and specifications:

There is no penalty for early payoff.  You would save money by paying less interest and I would be happy to see the deed transferred to you!

Since so many buyers have misbehaved in the past by breaking local laws and creating liability issues, the following rules are now an important part of the contracts:

(a) Buyer will not live on the property or allow any other party to live on the property at any time during this contract.

(b) Buyer will not make any alterations to the property without the written consent of the Seller. This includes, but is not limited to: clearing the property, adding structures or fences of any kind, or leaving items on the property.  There is to be no trash or refuse dumping or storage on the property whatsoever at any time.  This is grounds for immediate contract termination and loss of your future ownership of the property.

(c) Buyer shall comply with all building, zoning and health codes and other applicable laws for use of said property.

(d) Any costs incurred to correct the above, including, but not limited to, trash removal, lot cleanup, fines and permit costs, whether due to the actions of Buyer or others, shall be the sole responsibility of Buyer.

(e) Buyer shall not record this contract in the public records of any public office.

(f) In the event of a violation of any of the conditions listed above, the Buyer will be in immediate default of this contract.

Once a year, we pay the property taxes.  You pay them in one-twelfth monthly installments as part of you regularly scheduled monthly payments.

If your payment is more than 5 days late or returned because of insufficient funds, a late fee of $35 will be charged.

Part of each monthly payment is a $25 service charge to cover loan collection costs paid to our loan servicing company.  This is in addition to the regular underlying combined principal, interest, and property tax payments.

We always try to work with people and be as flexible as possible, but at some point, if you remain in default with your payment(s), or in breach of any contract terms, we will give you a 10-day demand notice to make things right. After that 10-day period expires without correction of the Buyer default or breach of contract, you will lose the property. This will not affect your credit in any way, but it still is something neither one of us wants.  There will be no refund of any monies paid up to that point in time.

Like any typical financing, interest will be charged. In order to extend owner financing to everyone, we charge an interest rate of 15%.  If you make extra principal payments or pay your loan in full before the due date of your last payment, you will save money by decreasing the amount of interest paid.

You are buying the property As-Is-Where-Is. You are responsible for making sure the property is right for you and your family and meets your needs and specifications.  There are no warranties of any kind, so please do your own research, and check with all necessary local zoning and planning authorities, to make sure the property allows for your planned use and enjoyment.

If you would like to review our documents, please contact us and I will be happy to send you copies.  You will be given ample time to review your documents before signing any contracts or paying your Earnest Money Deposit of $2,500 and documentation fee of $500, both of which are non-refundable.

IMPORTANT! Once you pay the down payment and document fee for the property, we will get to work closing our deal and signing all necessary contracts and paperwork. Within a day or two, we will send you the contracts by email using Eversign, Sign Now or Docu Sign, electronic document signing services. You will be able to view and sign the contract online via your computer or phone. The contract must be signed within seven days. If it is not signed within seven days, the non-refundable $2,500 earnest down payment and $500 document fee will both be forfeited and the property will be put back on the market.

In some cases, a mobile notary will be used for document signing.  Most closings will be handled by a title company or real estate settlement attorney licensed in the county and state where the property is located.