What is a Land Contract?
Posted By admin on January 19, 2009
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The land contract is intended to be a short term seller financing agreement between the seller and the buyer. The buyer agrees to purchase the property for a pre-determine amount, and the seller allows the buyer to pay in installments over a specific period of time. As a result of the seller providing the finance the seller still retains title and deed to the property. The seller allows the buyer to take possession of the property. The seller may also require the buyer to pay property taxes and homeowners insurance as part of their agreement.
The terms of the land contract are very important. It is equally important to make sure that any agreement reached be in writing.
The land contract gives the occupant equitable interest in the property, as well.
It is also important to do a judgement and lien search on the occupant before attaching his or her name to the property. The land contract is a sale and will close and be record just as any other sale.
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