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 Cedarpines Park, CA

Orientation to Land Contracts in Cedarpines Park, CA


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 Cedarpines Park, CA
Hegeler Barton H
4660 La Jolla Village Dr Suite 670
San Diego, CA 92122
(858) 597-9975
Attorneys, Criminal Law Attorneys, Labor & Employment Law Attorneys, Business Law Attorneys, Litigat
Brown's Legal Documents
18314 E Brookport St
Covina, CA 91722
(626) 343-9658
Paralegals, Notaries Public
Seto Fred
1560 Noriega St
San Francisco, CA 94122
(415) 564-9522
Attorneys
Espey Law Offices
1321 20th Ave
San Francisco, CA 94122
(415) 759-9364
Attorneys,  General Practice Attorneys,  Probate Law Attorneys,  Family Law Attorneys,  Wills, Trus
Legal Document & Signing Ctr
1271 Story Rd Ste 50
San Jose, CA 95122
(408) 288-9336
Paralegals, Legal Document Assistance
Besson & Yarbrough Law Offices
4984 El Camino Real # 110
Los Altos, CA 94022
(650) 864-9330
Attorneys, General Practice Attorneys, Legal Service Plans, Estate Planning Attorneys
Robertson Family Law
300 3rd St
Los Altos, CA 94022
(650) 917-9244
Family Law Attorneys, Attorneys, Legal Service Plans
Fuentes Rueben Bankruptcy Attorney
4522 Whittier Blvd
Los Angeles, CA 90022
(323) 262-9200
Attorneys
Deborah C Winter
220 State St
Los Altos, CA 94022
(650) 948-9081
Business Law Attorneys, Attorneys
Sidney Sternick Law Offices
1720 S Main St
Angels Camp, CA 95222
(209) 736-9005
General Practice Attorneys, Legal Service Plans, Attorneys
Frank Mayo
4962 El Camino Real
Los Altos, CA 94022
(650) 964-8901
Attorneys
Jolicoeur Colette
7305 Morro Rd
Atascadero, CA 93422
(805) 461-8600
Family Law Attorneys, Attorneys, Bankruptcy Services, Legal Service Plans, Divorce Attorneys, Bankru
Jolicoeur Colette
7305 Morro Rd Ste 103C
Atascadero, CA 93422
(805) 461-8600
Family Law Attorneys,  Attorneys,  Bankruptcy Services,  Legal Service Plans,  Divorce Attorneys,  B
Kramer Radin LLP
280 2nd St # 100
Los Altos, CA 94022
(650) 941-8600
Attorneys,  Legal Service Plans,  Labor & Employment Law Attorneys,  Tax Attorneys,  Business Law At
Malovos & Konevich
166 Main St
Los Altos, CA 94022
(650) 949-8400
Attorneys,  Business Law Attorneys,  Real Estate Attorneys,  Estate Planning Attorneys,  Probate Law
P H Paralegal Svc
5914 Kantor St
San Diego, CA 92122
(310) 822-8326
Paralegals
Einstein & Spiegel
5243 E Beverly Blvd
Los Angeles, CA 90022
(323) 685-8191
General Practice Attorneys, Attorneys, Legal Service Plans
Sean Norman Nagel, Esq.
7980 Camino Jonata
San Diego, CA 92122
(858) 997-8170
Bankruptcy Law Attorneys
Cooke Kobrick & Wu LLP
166 Main St
Los Altos, CA 94022
(650) 917-8045
Criminal Law Attorneys, Business Law Attorneys, Litigation & Tort Attorneys, Estate Planning Attorne
Hochberg Bradley Law Offices
6418 1/2 Whittier Blvd
Los Angeles, CA 90022
(323) 722-8007
General Practice Attorneys, Attorneys, Legal Service Plans
Le Nhien H & Associates
1692 Tully Rd
San Jose, CA 95122
(408) 528-7924
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Kusnir J Michael
4370 La Jolla Village Dr
San Diego, CA 92122
(858) 453-7800
Contract Law Attorneys, Attorneys
Dennis Sanchez
5307 E. Beverly Blvd.
Los Angeles, CA 90022
(323) 725-7714
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Immigration Law Attorneys,  Personal Inj
A-1 Legal Document Services
4071 N Valentine Ave Ste 105
Fresno, CA 93722
(559) 478-7606
Paralegals, Legal Document Assistance
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US