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.
How long does a water heater last? A. As long as itâs still heating water sufficiently, without leaks or strange noises, you might still get a few more years of service from it. A water heaterâs useful life varies, depending on the type of water heater, the quality of the unit, and how well itâs been maintained. A traditional tank-type water heater lasts an average of eight to 12 years.