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 do not need an industrial capacity one. Rheemâs hot water heaters have a ten year or so warranty on repairs, but the units have a shorter life if you donât maintain them by draining them to get all the sediment out. You run into that problem with any make or model. Most hot water heaters last ten to fifteen years if properly maintained. Rheemâs hot water heaters last five to ten years. I thought they lasted a lot longer. Traneâs air conditioners last a lot longer than Rheemâs ACs, and there are several brands whose hot water heaters are proportionally longer lived.