Write an article based on this "Have your agent write up an offer. Consult with a real estate lawyer. Sign the contract. Maintain the house. Make regular payments."
This should include a minimum down payment, monthly payments, and interest rate. You will want to negotiate terms that you feel confident that you can pay, but also meet the seller’s demand to receive his or her money in a timely fashion. The flexibility in these deals is one of the principal advantages to buying with a land contract.  You should set up a contract that allows you to pay your debt ahead of schedule without any penalties. You should aim to spend as little time under contract as possible, because as long as you are under contract, there is the possibility that the deal with go awry and you will lose the house and your investment.  Try to avoid including a balloon payment. A common feature of land contracts, they require you to close out the lending period, usually after a period of five to ten years, with a large lump sum payment of whatever is left on the loan.  They ensure that the seller receives his or her payment in a timely fashion, ideally when the buyer will be in a better financial position to make such a large payment. Often you will need to take out a loan to cover a balloon payment. It is best to negotiate a deal that does not require a balloon payment as it can cost you your house if you are unable to meet the obligation. Because land contracts can be risky ventures you should confirm that all components of the offer are satisfactory. You will need to consider not only special stipulations put into the deal, but also state laws. A legal expert can verify for you that there are no hidden pitfalls in the deal.  Check state laws to confirm procedures for missed payments. In some states a single missed payment will invalidate the deal, so that the seller will be able to keep the property and your payments, which become, in essence, rent payments. Other states give the buyer a right to the home if they were up-to-date with a majority of their payments and paid the total sum owed by a specified time.  Ask the lawyer for a title opinion. This is a comprehensive survey of all liens and mortgages on a property, including unpaid taxes, construction fees, or debts to a homeowners association. If there is a lien or a mortgage on the house, your claim on it might be compromised even if you do make regular payments. You should take a couple of days to review the contract, preferably with the help of a lawyer. Then sign the deal. If any of the details of it seem disadvantageous, try to renegotiate a better deal. Consider not just the financial stipulations of the contract, but also details about the care of the house. In addition to basic stipulations, like payment time, grace period, payment amount, the contract should have stipulations pertaining to the maintenance of the property, including who will be responsible for property taxes and homeowners insurance.  Similarly the contract should indicate who will fix property damage, though this is almost always the responsibility of the buyer. Although you are effectively a renter until you have completed your payments, land contracts typically make the buyer responsible for upkeep of property. That means that if there are any broken appliances, mold problems, termites, or foundation issues, you will be responsible for them. Home inspections are rarely commissioned for land contract and you typically will not have the bargaining power to demand that the owner fix any household issues that might exist before signing the contract. Therefore, you should budget for home improvements. In some cases, the contract might stipulate that the house be kept in a certain type of condition to preserve the owner’s investment in the house. If you continue to pay on time for a period – usually five or ten years – you will eventually get full, legal title to the house. Try to pay down the debt faster than the contract requires so that you can free yourself of the interest payments and come into full ownership of the home as soon as possible.