Easy Questions  
Free Legal Documents

Orientation to Land Contracts in Alledonia, OH

Orientation to Land Contracts in Alledonia, OH


The best investment on earth is earth.
 
- Louis Glickman


Land contracts are useful instruments for sellers who are selling a home and contemplating providing financing to the buyer. The seller may get a better interest rate than rates offered by banks, money market funds or certificates of deposit. It may also help to close the sale.

Land contracts are security agreements between a seller, known as a Vendor, and a buyer, known as a Vendee. The Vendor carries the financing for the Vendee, which may or may not contain an underlying loan. The basic difference between a land contract and a mortgage is the buyer does not receive a deed or clear title to the property until the land contract is paid off.

Other names used to refer to this are land contract, contract for sale, contract for deed, and installment land contract.

Sellers can take steps to protect themselves in a land contract:

• Obtain a Credit Report on the Buyer. If the buyer has filed for bankruptcy, made late payments to other creditors or has no credit, reconsider whether this is a wise transaction

• Get a Title Insurance Policy. Title searches of the public records will also show liens or judgments filed against a buyer. The title company will likely ask for satisfaction of those encumbrances before it will insure the land contract on a title policy

• Ask for a Hefty Down Payment. Buyers are less likely to walk away from a land contract or stop paying on the installment sale contract if the buyer has made a big down payment. The more money invested upfront, the less likely a buyer will default


A valid Land Contract has the following requirements

• Summarize the rights and obligations of the parties

• Identify and be signed by the contracting parties

• State the consideration paid or to be paid

• Describe adequately the property to be sold

Obligations and Rights of the Parties

Expectations from each party should be specifically stated on the land sales contract. For instance, the contract should provide the following:

• Payment of the purchase price and the method and time in which payment is to be made

• Conveyance of the property by deed once the purchase price is paid

• The rights of the parties in the event that one party does not fulfill its obligations


Identity and Signature of the Contracting Parties

The contract for sale is not valid unless it is in writing and signed by the contracting parties. These contracting parties should be identified in the contract.

Consideration

Sufficient consideration should support a valid land contract. Consideration refers to a legal term in which the buyer provides the seller with money or other benefits or legal rights in exchange for the seller's promise to sell the land. In a land sales contract, the consideration is the purchase price, the down payment or the assurance to get financing that will secure the sellers promise to sell.

Description of the Property

The land to be sold must be described adequately. This description includes the size and location of the property that is being bought or sold. The description is enough if the surveyor can find the land using its description.

Things to do before the signing and paying under the land sale contract:

• Do some researches on the title to check if it is clean enough to be purchased.

• Get title insurance to protect you as a buyer from damages or losses from title defects that was not discovered from title research.

• Check if the seller indeed has the authority to sell the land

• Check with the Department of Licensing and Consumer Affairs and the Attorney General's Office to see if any complaints have been filed against the seller of the property in the past

What to do after the land sale contract has been completed

• After payment and requirements have been met, the seller should execute a deed that transfers title of the property

• The deed should properly and adequately describe the property that was sold, identify the buyer, seller, price and restriction or covenants if any

• If the deed is done, it should be filed immediately to the Recorder of Deeds

 
Personalize & Print a Free OH Last Will Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free OH Living Will Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Alledonia, OH
Alfred D. McCallin, Esq.
116 Cleveland Ave NW # 500
Canton, OH 44702
(330) 453-9999
Probate Law Attorneys, Real Estate Attorneys, Collection Law Attorneys, Estate Planning Attorneys
Pundzak Lynn D
830 Main St # 999
Cincinnati, OH 45202
(513) 564-9999
Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys
Pundzak Lynn D
830 Main St, Suite 999
Cincinnati, OH 45202
(513) 564-9999
Civil Litigation & Trial Law Attorneys, Discrimination & Civil Rights Law Attorneys, Labor & Employm
Ambrose James T
130 W 2nd St # 999
Dayton, OH 45402
(937) 229-9999
Attorneys,  Attorneys Referral & Information Service,  General Practice Attorneys,  Legal Service Pl
Morello and Bond LTD
116 Cleveland Ave NW
Canton, OH 44702
(330) 454-9960
Legal Service Plans,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Crimina
Finkelmeier Law Firm
36 E 7th St # 1660
Cincinnati, OH 45202
(513) 621-9921
General Practice Attorneys, Attorneys, Legal Service Plans
Steiden Eric A
830 Main St # 401
Cincinnati, OH 45202
(513) 684-9900
General Practice Attorneys, Attorneys, Legal Service Plans
Osborne Wesley W
2511 Marion Mount Gilead Rd
Marion, OH 43302
(740) 389-9894
Attorneys,  Wills, Trusts & Estate Planning Attorneys,  General Practice Attorneys,  Estate Plannin
Proctor-Donald Beverly
401 Tuscarawas St W
Canton, OH 44702
(330) 580-9880
Attorneys,  Personal Injury Law Attorneys,  Family Law Attorneys,  Divorce Attorneys
L. Patrick Mulligan & Associates L.P.A. Co.
225 West Court Street
Cincinnati, OH 45202
(513) 421-9790
Mon-Fri 9am-5pm, Sat Closed, Sun Closed
L. Patrick Mulligan
28 N Wilkinson St
Dayton, OH 45402
(937) 228-9790
Divorce Attorneys, Attorneys, Criminal Law Attorneys, Divorce Assistance, Family Law Attorneys, Lega
Andreoff Alex & Associates
1 S Limestone St
Springfield, OH 45502
(937) 323-9783
Social Security & Disability Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Empl
Andreoff Alex & Associates
1 S Limestone St Ste 310
Springfield, OH 45502
(937) 323-9783
Attorneys
Davis Jr Myron Y
700 Walnut St # 209
Cincinnati, OH 45202
(513) 241-9773
Attorneys, Legal Service Plans
Schmenk Gerald E
20 N Limestone St
Springfield, OH 45502
(937) 323-9739
General Practice Attorneys, Title Companies, Attorneys
DeGirolamo, Anthony J
116 Cleveland Ave NW
Canton, OH 44702
(330) 588-9700
Bankruptcy Law Attorneys,  Attorneys,  Business Law Attorneys,  Business Bankruptcy Law Attorneys,  
Stone M Blake
25 S Mulberry St
Mansfield, OH 44902
(877) 595-9681
Social Security & Disability Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Pers
Helmick Bertha G
810 Sycamore St # 4
Cincinnati, OH 45202
(513) 651-9666
Family Law Attorneys, Divorce Assistance, Attorneys
Denicola & Co Lpa
36 E 7th St # 2020
Cincinnati, OH 45202
(513) 621-9660
Personal Injury Law Attorneys, Litigation & Tort Attorneys, Attorneys
Foltz Law Offices LLC
122 Central Plz N
Canton, OH 44702
(330) 456-9656
Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Accident & Property
Gupta Shawn
1324 State Route 125
Amelia, OH 45102
(513) 752-9455
General Practice Attorneys, Attorneys
Young Reverman & Mazzei CO LPA
1014 Vine St #2400
Cincinnati, OH 45202
(513) 770-9444
Adoption Law Attorneys,  DUI & DWI Attorneys,  Social Security & Disability Law Attorneys,  Attorney
Marinakis & Marinakis
605 Sycamore St
Cincinnati, OH 45202
(513) 684-9393
General Practice Attorneys, Attorneys, Legal Service Plans
Hammond John R
4 W Main St
Springfield, OH 45502
(937) 327-9370
DUI & DWI Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Divorce A
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US