Easy Questions  
Free Legal Documents

Orientation to Land Contracts in Alsea, OR

Orientation to Land Contracts in Alsea, OR


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 OR 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 OR 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 Alsea, OR
Gillingham John W
121 NE 75th Ave
Hillsboro, OR 97124
(503) 693-9966
Attorneys
Souther Calvin N Jr
15350 SW Sequoia Pkwy
Portland, OR 97224
(503) 624-9894
Attorneys, Legal Service Plans
Baxter & Baxter, LLP
5635 NE Elam Young Parkway, Suite 300
Hillsboro, OR 97124
(503) 681-9752
Bankruptcy Law Attorneys, Attorneys
Schantz Laura L
3000 NW Stucki Pl Ste 230
Hillsboro, OR 97124
(503) 466-9626
Family Law Attorneys, Attorneys, Legal Service Plans
Cross Dan Attorney
230 NE 2nd Ave Ste D
Hillsboro, OR 97124
(503) 640-9509
Attorneys, General Practice Attorneys, Legal Service Plans
Corbridge & Kroll
19720 NW Tanasbourne Dr Ste 200
Hillsboro, OR 97124
(503) 352-9360
Attorneys, Legal Service Plans
Strahm Scott An Estate Planning & Elder Law Firm
15405 SW 116th Ave Ste 112
Portland, OR 97224
(503) 639-8800
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service
Mc Neil Ken
1323 NE Orenco Station Pkwy # 310
Hillsboro, OR 97124
(503) 615-8336
Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Legal Service Plans
Garland Barbara J
230 NE 2nd Ave # H
Hillsboro, OR 97124
(503) 615-8233
Attorneys, Legal Service Plans
Gifford Milton E
1481 Gateway Blvd
Cottage Grove, OR 97424
(541) 942-7914
Attorneys, Legal Service Plans
Harris Law Firm
7455 SW Bridgeport Rd # 220
Portland, OR 97224
(503) 746-7859
Attorneys, General Practice Attorneys
Farrell Douglas
3000 NW Stucki Pl # 230
Hillsboro, OR 97124
(503) 645-7788
Attorneys, General Practice Attorneys, Legal Service Plans
Heard Robert A
330 NE Lincoln St Ste 100
Hillsboro, OR 97124
(503) 648-7433
Attorneys, Legal Service Plans
Harris J Michael
220 NE 3rd Ave
Hillsboro, OR 97124
(503) 648-7383
Attorneys
Rini Michele C Atty
220 NE 3rd Ave
Hillsboro, OR 97124
(503) 648-7383
Attorneys
Stanton Shelby C
220 NE 3rd Ave
Hillsboro, OR 97124
(503) 648-7383
Attorneys, Legal Service Plans
Widmer Lindsey R
220 NE 3rd Ave
Hillsboro, OR 97124
(503) 648-7383
Attorneys, Legal Service Plans
Legal Aid Services of Oregon
230 NE 2nd Ave Ste A
Hillsboro, OR 97124
(503) 648-7163
Attorneys, Legal Service Plans
Hertsel Shadian
6650 SW Redwood Ln
Portland, OR 97224
(503) 352-6985
Attorneys, Legal Service Plans
Andrew M. Rich PC
330 NE Lincoln St
Hillsboro, OR 97124
(503) 925-6710
Elder Law Attorneys,  Attorneys,  Estate Planning, Probate, & Living Trusts,  Real Estate Attorney
Naranjo Prosser Law
110 NE 10th Ave
Hillsboro, OR 97124
(503) 640-6700
Attorneys, Legal Service Plans
Daigle James M Atty
139 NE Lincoln St
Hillsboro, OR 97124
(503) 648-6677
Attorneys
Brisbee & Stockton
139 NE Lincoln St
Hillsboro, OR 97124
(503) 648-6677
Attorneys, Insurance Attorneys
Wilkinson Merlin D
161 NW Adams Ave Ste 206
Hillsboro, OR 97124
(503) 693-6641
Family Law Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US