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 Clearlake Oaks, CA

Orientation to Land Contracts in Clearlake Oaks, 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 Clearlake Oaks, CA
James D. Scott Certified Family Law Specialist
4669 Murphy Canyon Rd Suite 211
San Diego, CA 92123
(858) 429-9974
Family Law Attorneys
Theresa M Came Law Offices
133 W Cottage Dr
Covina, CA 91723
(626) 339-9940
General Practice Attorneys, Attorneys
Hardisty & Hardisty
101 Gregory Ln Ste 52
Pleasant Hill, CA 94523
(925) 689-9940
Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys
Brucker & Walker LLP
4550 Kearny Villa Rd Ste 209
San Diego, CA 92123
(858) 939-9940
Construction Law Attorneys,  Attorneys,  Business Law Attorneys,  Real Estate Attorneys
Cooper Leon M
8545 Rosecrans Ave
Paramount, CA 90723
(562) 259-9904
General Practice Attorneys, Attorneys
Budget Solution Centers
536 S 2nd Ave Ste B
Covina, CA 91723
(626) 914-9802
Estate Planning Attorneys, Attorneys, Legal Service Plans, Probate Law Attorneys, Wills, Trusts & Es
Nelson Daryl R
235 Moulton St
San Francisco, CA 94123
(415) 923-9800
Attorneys, General Practice Attorneys, Legal Service Plans
Stacy Law Firm
3665 Ruffin Rd
San Diego, CA 92123
(858) 677-9798
Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  General Practice Attorneys,  Legal Serv
Aex, Peter S
8765 Aero Dr
San Diego, CA 92123
(858) 292-9774
Divorce Assistance,  Attorneys,  Child Custody Attorneys,  Family Law Attorneys,  Divorce Attorneys
David M. Kramer
14011 Ventura Blvd. Suite 402
Sherman Oaks, CA 91423
(818) 907-9688
Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
Vaughn Paralegal Clinic
7300 Lincolnshire Dr # 200
Sacramento, CA 95823
(916) 421-9477
Paralegals,  Attorneys,  Family Law Attorneys,  Bankruptcy Services,  Divorce Assistance,  Bankruptc
L & G LLP
530 San Benito St Frnt
Hollister, CA 95023
(831) 630-9444
Attorneys, General Practice Attorneys
Huston M Lynn
100 S Citrus Ave # 101
Covina, CA 91723
(626) 858-9378
Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Finnegan Marks Theofel & Desmond
1990 Lombard St Ste 300
San Francisco, CA 94123
(415) 931-9284
Legal Service Plans, Attorneys, General Practice Attorneys
Ramona R. Hallam
P.O. Box 230411
Encinitas, CA 92023
(760) 212-9249
Criminal Law Attorneys,  Drug Charges Attorneys,  DUI & DWI Attorneys,  Accident & Property Damage A
Rasch Jean
3855 Via Nona Marie
Carmel, CA 93923
(831) 647-9200
Attorneys
Cir Law Offices
8665 Gibbs Dr
San Diego, CA 92123
(858) 496-8909
General Practice Attorneys, Attorneys
Daniel Minutillo A Pro Law Crp
841 Blossom Hill Rd
San Jose, CA 95123
(408) 998-8900
Attorneys,  Attorneys Referral & Information Service,  General Practice Attorneys,  Legal Service Pl
Sobti Law Group
514 N California Ave
Beaumont, CA 92223
(951) 845-8889
Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys,  Business Bankruptcy Law Attorneys
Bolander Cook & Assoc
4550 Kearny Villa Rd
San Diego, CA 92123
(858) 505-8858
General Practice Attorneys, Attorneys, Legal Service Plans
MMC Med Legal
444 E Puente St
Covina, CA 91723
(626) 209-8805
Attorneys Referral & Information Service, Legal Consultants-Medical
Taylor Heidi
2255 Contra Costa Blvd # 205
Pleasant Hill, CA 94523
(925) 687-8656
General Practice Attorneys, Attorneys
Gevorkyan Law Firm
14156 Magnolia Blvd., Suite 200
Sherman Oaks, CA 91423
(818) 497-8565
Family Law Attorneys,  Divorce Attorneys,  Accident & Property Damage Attorneys,  Business Law Attor
Labor Immigration Consulting Group
7810 Stockton Blvd
Sacramento, CA 95823
(916) 689-8382
Immigration Law Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US