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.
You can expect a hot water heater to last between 8 to12 years. Water heater problems normally become self-evident: A hot water faucet fails to summon hot water, you see dripping or puddles near the water heater, or the tank emits strange gurgling or popping sounds. These are a few warning signs telling you when your hot water heater needs replacing.