Most Landed partnerships have a 30-year term. Before the end of that term, you’ll need to end your partnership with Landed. Want to sell your home or pay Landed sooner? No problem! There are easy ways to do that, too.
Ending Your Landed Partnership
Most Landed partnerships have a 30-year term. Before the end of that term, you can end your partnership with Landed. Want to sell your home or pay Landed sooner? No problem! There are easy ways to do that, too.
Selling Your Home
Remember our interests are aligned. When you do well, we do well. We’ll just want you to give us at least 30 days’ notice before putting your home on the market. This gives us time to have the home appraised, and in the meantime, we’ll coach you through a number of ways to help maximize the home’s value.
- COVID-19 Update: Due to COVID-related restrictions, we are currently waiving the appraisal requirement to exit via sale.
Another way Landed ensures you get the best price for your home is by requiring a “Standard Sale.” A Standard Sale has the following characteristics:
- A licensed real estate agent is used to market and sell the home.
- The home is listed on the market (MLS) for at least 14 days.
- At least two open houses are held.
- The home is not sold to a friend or family member.
Staying in Your Home
If selling isn’t in the cards, or if you want to stay in your home and step into full ownership beyond the 30-year Landed term, you can buy Landed out of its stake in your home. You will owe Landed an amount equal to the original investment as well as 25% of the appreciation (or depreciation) that your home has realized, which is determined through appraisal. The difference here is that Landed would not be paid out of money received from a buyer. You might do that by taking out a new mortgage once you’ve built up enough equity in your home to refinance.
If you’re interested in ending the partnership without selling, you’ll need to notify Landed to start the process. We’ll schedule a time for an independent, third-party appraiser to come evaluate your home and determine its value. Once the appraisal is complete and you’ve lined up the money to buy out Landed, you’ll be able to close out your Landed partnership.