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Book Payments Like a Pro

Land Contact Administration

Real World Examples to Guide You

The best way to demonstrate how to map a borrower's payment behavior to the Land Contact calculator is by showing you examples. This is exactly what this series of pages is designed to do. Go through them one by one and learn. It is that easy.

A Few Tips to Consider

Payments are chronological events mapped to time (calendar and a clock). The loan agreement has a start date and is linear — it marches forward, never backwards, day by day. All you want to do is map the exact date the borrower pays to the date the payment is due. Nothing more.

Let's use a perfect world example (our clockwork example) where the payments are due the 1st of each month and the borrower pays exactly on time (like an electronic auto payment). In our Land Contract software you would simply open it up, enter the date and the amount. Save and close it. Done! Only doing this once a month.

Every single payment event is now perfectly chronologically mapped to the exact due date. No late fees to worry about. Just as simple as could be. Then, “it” happens.

The Real World

When a borrower starts making early payments, late payments, skipped payments, extra payments or principal only payments it gets a bit tricky. How tricky depends on the amount of deviation. For example, paying two days late is easy — you simply type the exact date paid next to the due date. How about when it is 10 days late?

Same as above. No different than if it was on time.

Think chronologically. You have a column of due dates in perfect sequence. The borrower may make payments that are ± when they are due and this is ok. What matters is you line up the two columns of due and paid so everyone, including the software, can understand it.

Enough Talk

Go view the examples. You can click on the images and a larger one will load on a blank tab and you can print it. Stare at it. Learn from it. Grow from it. Our Land Contract calculator will help you get it right. In fact, because it is real money it can be fun. Don't make it harder than it is.

This is a very powerful loan administration tool for only $99.

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