Easy Questions  
Free Legal Documents

Orientation to Land Contracts in Altamonte Springs, FL

Orientation to Land Contracts in Altamonte Springs, FL


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 FL 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 FL 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 Altamonte Springs, FL
Jan S. McLaughlin, Esquire
445 Douglas Ave Suite 2205
Altamonte Springs, FL 32714
(407) 774-9620
Bankruptcy Law Attorneys
Andrade Octavio D PA
151 Wymore Rd Ste 5250
Altamonte Springs, FL 32714
(407) 339-9455
Criminal Law Attorneys, Attorneys
Blaher Neal J Law Office
706 Turnbull Ave
Altamonte Springs, FL 32701
(888) 652-9098
Franchise Law Attorneys,  Arbitration & Mediation Attorneys,  Patent, Trademark & Copyright Law Att
Elkins & Freedman
283 Cranes Roost Blvd
Altamonte Springs, FL 32701
(866) 963-9086
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorney
The Law Offfice of I. Michael Tucker, P.L.C.
498 Palm Springs Dr Suite 100
Altamonte Springs, FL 32701
(407) 977-8836
Elder Law Attorneys
Murphy & Berglund, P
1111 Douglas Ave
Altamonte Springs, FL 32714
(407) 575-8041
Wills, Trusts & Estate Planning Attorneys, Attorneys, Family Law Attorneys, Elder Law Attorneys, Ban
The Grosshans Group, P.L.
380 S State Road 434 Suite 1004-157
Altamonte Springs, FL 32714
(407) 284-7745
Criminal Law Attorneys
Kenneth J Thomas Esquire
554 Calibre Crest Pkwy
Altamonte Springs, FL 32714
(407) 388-7711
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Steiner, Lawrence R. PA
797 Douglas Ave
Altamonte Springs, FL 32714
(407) 774-7500
Real Estate Attorneys, Attorneys, Probate Law Attorneys, Real Estate Title Service, Wills, Trusts &
Pflueger Robert H
377 Maitland Ave
Altamonte Springs, FL 32701
(877) 629-7330
Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
Robert H. Pflueger
377 Maitland Ave Suite 1002
Altamonte Springs, FL 32701
(877) 629-7330
Bankruptcy Law Attorneys, Attorneys, Credit & Debt Counseling, Debt Adjusters, Bankruptcy Services,
Russell H Law
1110 Douglas Ave # 2030
Altamonte Springs, FL 32714
(407) 459-7298
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Arbitration Services,  Arbitration & Mediatio
Copeland & Covert PLLC Attorneys
631 Palm Springs Dr
Altamonte Springs, FL 32701
(407) 830-7220
Attorneys, Wills, Trusts & Estate Planning Attorneys, Family Law Attorneys
Clark & Washington PC
101 Wymore Rd Ste 100
Altamonte Springs, FL 32714
(407) 896-7133
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Sonner Craig A
108 Robin Rd
Altamonte Springs, FL 32701
(407) 260-6853
Attorneys Referral & Information Service,  Attorneys,  Criminal Law Attorneys,  Legal Service Plans
Michael B Brehne Law Offices
230 N Westmonte Dr # 1000
Altamonte Springs, FL 32714
(407) 682-6808
Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans
One Senior Place
715 Douglas Avenue
Altamonte Springs, FL 32714
(407) 949-6733
Assisted Living & Elder Care Services, Elder Law Attorneys, Insurance Referral & Information Service
Leider, Lance O.
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Medical Law Attorneys, Attorneys
The Health Law Firm
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Insurance Attorneys, Attorneys, Legal Service Plans, Medical Law Attorneys
Smeyne A. Marissa
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Medical Law Attorneys, Attorneys
Brown E. Christopher
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Medical Law Attorneys, Attorneys
Kenna, Joanne
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Insurance Attorneys, Attorneys, Medical Law Attorneys, Legal Service Plans
George F Indest III
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Medical Law Attorneys, Attorneys, Legal Service Plans
Motsinger Law & Mediation
705 Douglas Ave
Altamonte Springs, FL 32714
(407) 505-6598
Mediation Services,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Arbitration Services
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US