Do you have to pay the seller 100% down for a plot of land? Or can you get financing?

I am considering buying an empty lot of land that is zoned for residential use. Let's say that the lot is worth $15k. Do I need to save up $15k of my own money to purchase the land? Or can I get financing to pay for it, from a bank, similar to if I were purchasing a condo or house? And if so, are the interest rates for a loan on a plot of land the same as the rates for a condo/house? With similar terms (ie - 15 year, 30 year loans, etc.). Or would things be different since the loan would be much smaller than a loan you would get for a condo/house?

Unless the seller is providing the financing, they don't care how you pay.

The seller gets the money at closing.

The rates are higher as it won't be a mortgage, and they typically have different terms. It depends on the lender.

Financing

You can get financing, but it would be secured financing and the loan would be secured on the land, so if you fail to make the payments, the bank would take the land.

Any time land is sold, there must be a title/or deed involved. For the current owner to be assured he will receive full payment for what he is selling the land for, there is usually either a negitiated down with a promise to pay xxx amount until the note is paid in full. Owners have the absolute right to ask 100% of the asking price upfront. It is up to the prospevtive buyer to then seek that amount from some lending institution. You will then have to offer the land title up for collateral until the loan is paid off. . If you default on the loan, the note holder gains the title, but the original owner has alreadt received his asking price, so he is then no longer a factor.