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 94297

Orientation to Land Contracts in Zip Code 94297


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 94297
Beresky Timothy
1255 Treat Blvd
Walnut Creek, CA 94597
(925) 674-9960
Estate Planning Attorneys, Attorneys
David J. Collier
206 Fourth Street, Suite B
Yreka, CA 96097
(530) 598-9791
Estate Planning, Probate, & Living Trusts, Estate Planning Attorneys, Probate Law Attorneys, Real Es
Total Attorneys - Divorce
273958 Campus Dr
San Mateo, CA 94497
(650) 389-9648
Divorce Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Total Attorneys - Bankruptcy
PO Box 271736
Walnut Creek, CA 94597
(925) 575-8912
Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Services,  Legal Service Plans,  Banking & Mortgag
Siskiyou Legal Document Services
315 S Broadway St
Yreka, CA 96097
(530) 842-7411
Paralegals, Legal Forms, Notaries Public
Wagner, Kirkman, Blaine, Klomparens, & Youmans LLP
1350 Treat Blvd Ste. 400
Walnut Creek, CA 94597
(925) 478-7308
Real Estate Attorneys,  Tax Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Administrative
Total Attorneys - Criminal Defense
273810 Campus Dr
San Mateo, CA 94497
(650) 810-7174
Criminal Law Attorneys, Attorneys, Legal Service Plans
Matlock Law Group, PC
1485 Treat Blvd Ste 200
Walnut Creek, CA 94597
(925) 944-7131
Attorneys,  Probate Law Attorneys,  Estate Planning, Probate, & Living Trusts,  Elder Law Attorney
Total Attorneys - Personal Injury
PO Box 274218
Walnut Creek, CA 94597
(925) 322-6936
Attorneys, Legal Service Plans
Perry Edward T Law Offices
1255 Treat Blvd # 300
Walnut Creek, CA 94597
(925) 472-6800
General Practice Attorneys, Attorneys, Tax Attorneys
Jeanne M Bohm
204 Lane St
Yreka, CA 96097
(530) 842-6700
Attorneys, General Practice Attorneys
Zelis Bruce P
1943 1st Ave
Walnut Creek, CA 94597
(925) 943-6633
Attorneys,  Real Estate Attorneys,  Family Law Attorneys,  Divorce Attorneys
Card Law Firm
1255 Treat Blvd. Suite 300
Walnut Creek, CA 94597
(925) 472-6631
Family Law Attorneys, Divorce Attorneys, Juvenile Law Attorneys, Child Custody Attorneys
Martha Davis Alexander
3100 Oak Rd
Walnut Creek, CA 94597
(925) 287-6543
Estate Planning Attorneys, Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorne
Divorce Centers
2717 N Main St # 8
Walnut Creek, CA 94597
(925) 937-6320
Divorce Attorneys, Attorneys, Family Law Attorneys, Divorce Assistance, Legal Service Plans
Stromberg Law Firm
1350 Treat Blvd
Walnut Creek, CA 94597
(925) 937-6300
Attorneys,  Mediation Services,  Business Law Attorneys,  Real Estate Attorneys
Gumbiner & Eskridge
2950 Buskirk Ave # 300
Walnut Creek, CA 94597
(925) 933-5800
Insurance Attorneys, Attorneys
John F Martin Law Offices
3100 Oak Rd Ste 230
Walnut Creek, CA 94597
(925) 937-5433
Insurance Attorneys, Attorneys, Labor & Employment Law Attorneys, Business Law Attorneys, Litigation
Total Attorneys - Bankruptcy
271916 Campus Dr
San Mateo, CA 94497
(650) 458-5155
Bankruptcy Law Attorneys,  Attorneys,  Banking & Mortgage Law Attorneys,  Bankruptcy Services,  Lega
Stoddard Candice
1350 Treat Blvd
Walnut Creek, CA 94597
(925) 942-5100
Attorneys,  General Practice Attorneys,  Real Estate Attorneys,  Personal Injury Law Attorneys,  Acc
Bergstrom Eric
417 4th St
Yreka, CA 96097
(530) 842-4951
Attorneys, Criminal Law Attorneys, General Practice Attorneys, Legal Service Plans
Total Attorneys - Personal Injury
274341 Campus Dr
San Mateo, CA 94497
(650) 525-4928
Attorneys, Legal Service Plans
Rollins H John
318 3rd St
Yreka, CA 96097
(530) 842-3456
Attorneys, General Practice Attorneys
Duncan William
322 W Center St
Yreka, CA 96097
(530) 841-2670
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US