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What is a Land Contract?

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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.

Originally posted 2009-01-19 10:33:05. Republished by Blog Post Promoter

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Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.
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  14. Hiring a land surveyor before the purchase can help you avoid long and drawn-out disputes that could stall your intended construction project for years.

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