• What was the price of The Land?
    • WWTLC signed a land contract agreement with Lisa Vogel in April 2017 to purchase The Land for $1,500,000 over eight years with the final payment due in April 2025.
    • Our goal is to avoid interest expense by paying the land contract off as quickly as possible.
    • WWTLC’s Fundraising Team is dedicated to continuing to raise funds to support this plan.
    • Ongoing fundraising and Land-use rental fees will provide the primary financial means required to sustain and maintain The Land as well as to fund payments on the land contract.
  • What’s a land contract?
    • A land contract is a form of seller financing. It is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full.
    • An initial down payment from the buyer to the seller is usually also required by a land contract. WWTLC’s down payment on The Land was $300,000.
    • Under a land contract, the seller retains the legal title to the property, while permitting the buyer to take possession of it for most purposes other than legal ownership.
    • The seller conveys legal title to the property to the buyer when the full purchase price has been paid, including interest.
    • There is a provision of the land contract for late payments: there is a 30-day grace period after the due date (which is April 17th through the year 2025) to make the payment without penalty. If payment is made more than 30 days past the due date, buyer will be required to pay a late payment fee equivalent to 5% of the installment.
    • If the buyer defaults on the land contract purchase agreement, all monies paid are forfeited and the seller retains legal title to the property. This is similar to foreclosing on a regular mortgage.
  • Did WWTLC have an outside professional appraise the value of The Land?
    Lisa Vogel paid for a professional appraisal as part of the process to establish the conservation easement on The Land.
  • Is there a rough estimate of the annual upkeep costs to maintain The Land?
    This is dependent on property taxes, liability insurance, and operating expenses. The placement of the conservation easement helps to maintain property tax liability at pre-sale levels. An operating budget will be agreed upon annually by the Board in accordance with the organization’s bylaws and within the funds available.
  • Would permanent structures raise real estate taxes?
    Michigan law defines real property as the land itself, plus all buildings and fixtures on the land. It is likely that any permanent structures would be considered improvements that increase the assessed value, and, therefore, the property taxes.