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 Inverness, CA

Orientation to Land Contracts in Inverness, 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 Inverness, CA
The Ochs Robert Law Office
4180 la Jolla Village Dr
La Jolla, CA 92037
(858) 623-9955
General Practice Attorneys, Attorneys
Gladstone Leslie Trustee
5785 La Jolla Blvd
La Jolla, CA 92037
(858) 454-9887
Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Attorneys
Leslie Gladstone Trustee
401 Via Del Norte
La Jolla, CA 92037
(858) 454-9887
Bankruptcy Law Attorneys, Bankruptcy Services, Attorneys
Watkins Firm, APC
4275 Executive Sq
La Jolla, CA 92037
(858) 939-9408
Attorneys
Thomas Gotfredson
7730 Herschel Ave Ste. G
La Jolla, CA 92037
(858) 454-9221
Attorneys, Legal Service Plans, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Co
Legal Action Svc
PO Box 1686
La Mirada, CA 90637
(562) 902-9177
Attorneys Referral & Information Service
Lien On Us
2816 N Golden State Blvd
Madera, CA 93637
(559) 673-9062
Collection Law Attorneys
Ramirez Legal Document Assistance
3498 Kelsey Ln
Madera, CA 93637
(559) 661-8410
Paralegals, Legal Document Assistance
David Burnett Law Offices
17485 Monterey St # 202
Morgan Hill, CA 95037
(408) 779-8031
Personal Injury Law Attorneys, Attorneys, General Practice Attorneys
Aladdin Bail Bonds
511 W Yosemite Ave
Madera, CA 93637
(877) 765-7888
Bail Bonds, Criminal Law Attorneys, Bail Bond Referral Service, DUI & DWI Attorneys
Kalina & Kalina
327 E Redwood Ave
Fort Bragg, CA 95437
(707) 964-7749
Attorneys, General Practice Attorneys, Legal Service Plans
Brande & McCleary
5976 Falling Tree Ln
Rancho Cucamonga, CA 91737
(909) 980-7672
Attorneys, General Practice Attorneys
Thompson Terrance
250 Cherry Ln # 109
Manteca, CA 95337
(209) 239-7600
Attorneys,  Accident & Property Damage Attorneys,  Attorneys Referral & Information Service,  Genera
Pardue William J
275 Tennant Ave Ste 201
Morgan Hill, CA 95037
(408) 779-7072
Attorneys, Probate Law Attorneys, Legal Service Plans
Paul Debora A
411 North I St. Ste. B
Madera, CA 93637
(559) 673-6800
Family Law Attorneys, Legal Service Plans, Attorneys
Paul Deborah A
411 N I St
Madera, CA 93637
(559) 673-6800
Attorneys
Teresa Gorman
24361 El Toro Rd., Suite 260
Laguna Woods, CA 92637
(949) 830-6660
Probate Law Attorneys, Estate Planning, Probate, & Living Trusts, Attorneys
Napoleon Legal Consulting Inc
7825 Fay Ave # 200
La Jolla, CA 92037
(858) 488-6561
Attorneys Referral & Information Service, Attorneys Support & Service Bureaus
Attorney-At-Law
250 Cherry Ln Ste 108
Manteca, CA 95337
(209) 607-6353
Attorneys, Legal Service Plans
John A Garvin
1925 Howard Road Suite E
Madera, CA 93637
(559) 345-6124
Criminal Law Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,  Bankruptcy Law Attor
Kronfeld Bart P
445 N McPherson St
Fort Bragg, CA 95437
(707) 964-6111
Attorneys, Legal Service Plans, Criminal Law Attorneys
Sharma Law Firm P
1020 Prospect St Ste 250
La Jolla, CA 92037
(888) 612-5990
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans
Sineneng-Smith Evelyn
7825 Fay Ave
La Jolla, CA 92037
(858) 456-5507
Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
Courtney Kevin P
17415 Monterey St # 204
Morgan Hill, CA 95037
(408) 779-5101
Construction Law Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US