12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Orientation to Land Contracts in Zip Code 90651

Orientation to Land Contracts in Zip Code 90651


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 CA Last Will Create 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 CA Living Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Zip Code 90651
Robert K Johnson
1125 W Avenue M14 Ste B
Palmdale, CA 93551
(661) 575-9811
Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law
Laguna Beach Legal Document Services Aka Legal Assistance Center of Laguna Beach
1400 S Coast Hwy Ste 106
Laguna Beach, CA 92651
(949) 497-9800
Paralegals,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Legal Service Plans,  Estate Pla
Wharton James C
PO Box 2166
Livermore, CA 94551
(925) 455-9243
Estate Planning Attorneys,  Attorneys,  Probate Law Attorneys,  Estate Planning, Probate, & Living
Cimino Law Offices
352 3rd St Ste 308
Laguna Beach, CA 92651
(949) 494-9211
International Law Attorneys, Attorneys
L. Rob Werner
27257 1/2 Camp Plenty Rd
Canyon Country, CA 91351
(661) 252-9022
Attorneys,  General Practice Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Att
Fair Divorce Inc.
1125 W Avenue M14
Palmdale, CA 93551
(877) 214-8797
Family Law Attorneys, Attorneys, Divorce Assistance
Windrem Law Firm
5716 Main St
Kelseyville, CA 95451
(707) 279-8700
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Real Estate Attorneys,  Personal Inju
John C. Bigler
1037 West Avenue N #201
Palmdale, CA 93551
(661) 947-8499
Divorce Attorneys, Family Law Attorneys, Attorneys
Challa Law Office PC
2900 Gordon Ave, Suite 100-19
Santa Clara, CA 95051
(408) 733-8472
Immigration Law Attorneys
Anderson & Kriger
41319 12th St W
Palmdale, CA 93551
(661) 273-8333
Construction Law Attorneys, Attorneys
Sheri Laughlin Law Offices
303 Broadway St Ste 204
Laguna Beach, CA 92651
(949) 497-8285
General Practice Attorneys,  Legal Service Plans,  Attorneys,  Family Law Attorneys,  Divorce Attorn
Management Pro Tem
944 Glenneyre St # B
Laguna Beach, CA 92651
(949) 715-8130
Bankruptcy Law Attorneys, Management Consultants, Attorneys
Segall Brian F Law Offices
1409 Glenneyre St
Laguna Beach, CA 92651
(949) 497-8074
General Practice Attorneys, Attorneys, Legal Service Plans
Total Attorneys - Divorce
PO Box 273818
San Miguel, CA 93451
(805) 203-8057
Divorce Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Andrade Kimberly A
352 3rd St # 305
Laguna Beach, CA 92651
(949) 494-7785
Family Law Attorneys, General Practice Attorneys, Legal Service Plans, Attorneys
Gerald L Marcus Law Offices
1543 East Palmdale Blvd. #S
Palmdale, CA 93551
(661) 274-7774
Personal Injury Law Attorneys, Attorneys, Legal Service Plans
Ivan Morse
4435 1st St
Livermore, CA 94551
(925) 551-7676
General Practice Attorneys, Attorneys, Estate Planning, Probate, & Living Trusts, Probate Law Attorn
Alemayehu Immigration Law Office Inc.
40005 10th St W
Palmdale, CA 93551
(661) 273-7355
Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants, General Practice Att
Skikos Crawford Skikos & Joseph
410 Broadway St Ste 100
Laguna Beach, CA 92651
(415) 546-7300
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
Tri-Valley Process Service
51 Wright Brothers Ave Suite F
Livermore, CA 94551
(925) 336-6540
Divorce Assistance, Private Investigators & Detectives, Foreclosure Services, Process Servers, Attor
Fishman And Associates, CPA
1053 Santa Ana St
Laguna Beach, CA 92651
(949) 288-6405
Accountants-Certified Public,  Bookkeeping,  Taxes-Consultants & Representatives,  Accounting Servic
Storey Scotty J
100 Saratoga Ave
Santa Clara, CA 95051
(408) 920-6300
General Practice Attorneys, Attorneys
Kennard Elizabeth
21203 Jimpson Way
Canyon Country, CA 91351
(661) 259-5998
Paralegals
Empowering Enterprises
21203 Jimpson Way
Canyon Country, CA 91351
(661) 259-5998
Paralegals
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US