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.
1 Most tank-type water heaters last 10 to 20 years, with the average age of replacement between 12 and 14 years. 2  As your water heater ages, it can become an obstacle for getting or renewing homeowners insurance.