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.
When water begins to leak from the bottom of a water heater, it is time to replace it. Leaking is a sign of corroding and wear within the tank. Most hot water heaters last for at least 10 years, and some will stay in good shape for up to 20 years. Replace a water heat as soon as leaking is noticed to avoid flooding and additional clean up.