As a result, the final payment is a large balloon payment. Since the amount of the final payment is so large, the buyer can get a traditional mortgage from a bank to make the last payment. Land contracts are sometimes used by buyers who do not qualify for conventional mortgages offered by a traditional credit institution for reasons of ineligibility or poor solvency or insufficient acomptitude. [Citation required] Land contracts are also used when the seller is willing to sell and the buyer does not have enough time to arrange conventional financing. A land contract is a unilateral contract and cannot be assigned to another buyer without the agreement of the seller providing the financing. A document is a favorable document that is used to transfer ownership from one party to another…