by Alex Everest. A contract for deed (aka land contract) is a method of selling a property in which the seller finances some portion of the purchase price. The buyer typically provides a down payment and makes installment payments directly to the seller for an agreed period of time. The length of a contract for deed varies but a 2-5 year period is most common, after which a âballoon paymentâ for the remainder of the balance is due.
While standard units with tanks that hold and heat large amounts of water last approximately 13 years, tankless or on-demand heaters -- either gas or electrically heated -- can last up to 20 years.
I just had a leaking power vent gas water heater replaced after a month short of 10 years. It's a rental. I asked the tech if they should last longer than that and he said 6-10 years is normal in a hard water area like mine. installed a 30 gallon fast recovery gas water heater with a standing pilot 30 yrs ago, my son lives there now and its still operating. This is a Sears/Kenmore model. I also replaced a boiler at the same time and that needed new burners because it did not have a standing pilot.