Difference between land contract and owner financing

[David Rutledge]

Hi Everyone,

I have been searching for properties that come with seller/owner financing for a while now and I have just had an offer accepted on one. The property will be sold using a land contract.

I am never purcahsed a property using anything other conventional financing before so I am a little clueless on all this. I was hoping someone may be able to help me understand the difference between owner financing and a land contract?

Is there anything specfic I should be aware of when purcahing a property on a land contract at all?

Thanks so much.

David