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 Klamath, CA

Orientation to Land Contracts in Klamath, 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 Klamath, CA
Sundstedt Michael J
2100 Main St # 200
Huntington Beach, CA 92648
(714) 960-9999
Civil Litigation & Trial Law Attorneys, Attorneys
Liljegren Law Group
18377 Beach Blvd # 219
Huntington Beach, CA 92648
(866) 613-9906
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Caroline Forbes Law Offices
2670 S White Rd Ste 103B
San Jose, CA 95148
(408) 528-9846
Family Law Attorneys, Attorneys
Gruzen Ronald L
6500 Wilshire Blvd # 16
Los Angeles, CA 90048
(323) 852-9500
Attorneys, General Practice Attorneys
Hansen & Miller Law Firm
1500 Healdsburg Ave
Healdsburg, CA 95448
(707) 433-9458
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
Shin Dennis
18899 Colima Rd Ste 201
Rowland Heights, CA 91748
(626) 964-9394
General Practice Attorneys, Attorneys
Vento & Leary Law Offices
6356 Maryland Dr
Los Angeles, CA 90048
(323) 549-9317
General Practice Attorneys, Attorneys, Legal Service Plans
Gary S Wolfe
6303 Wilshire Blvd # 201
Los Angeles, CA 90048
(323) 782-9139
Attorneys, Legal Service Plans
Ashouri Derakhshan & Associates
8255 Beverly Blvd
Los Angeles, CA 90048
(323) 782-9121
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Accident & Property Damage Attorneys,
Workers Advocacy Group
8391 Beverly Blvd
Los Angeles, CA 90048
(323) 951-9110
Attorneys Support & Service Bureaus
Fagalde Albertoni and Flores LLP
2808 Park Ave
Merced, CA 95348
(209) 384-8800
Mediation Services,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,
Flores, Kimberly G Allen Proietti & Fagalde
2808 Park Ave # A
Merced, CA 95348
(209) 384-8800
Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,
Bruce A Thomason
419 Main St
Huntington Beach, CA 92648
(714) 293-8591
Attorneys, Legal Service Plans
Jason Yang Law Office
17800 Castleton St # 605
City Of Industry, CA 91748
(714) 529-8528
Administrative & Governmental Law Attorneys, Attorneys, General Practice Attorneys
Moon Linda S
2134 Main St # 140
Huntington Beach, CA 92648
(714) 960-8424
Family Law Attorneys, Attorneys, Legal Service Plans
Pourmorady Kourosh
6404 Wilshire Blvd
Los Angeles, CA 90048
(323) 782-8374
General Practice Attorneys, Attorneys
Randall C. Bertz | Huntington Beach Criminal Lawyer
2120 Main St # 110
Huntington Beach, CA 92648
(714) 960-8309
Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys, Civil Litigation & Trial Law Attorneys, Drug
Hong James
19119 Colima Rd Ste 101
Rowland Heights, CA 91748
(626) 581-8000
General Practice Attorneys, Attorneys
Silber Richard J
2124 Main St # 146
Huntington Beach, CA 92648
(714) 960-7646
General Practice Attorneys, Attorneys, Legal Service Plans
Zakar Lisa
6399 Wilshire Blvd # 509
Los Angeles, CA 90048
(323) 653-7526
Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
Nieblas Victor
17595 Almahurst St # 226
City Of Industry, CA 91748
(626) 810-7400
Attorneys, General Practice Attorneys, Legal Service Plans
LT Pacific Law Group LLP
17800 Castleton St
City Of Industry, CA 91748
(626) 810-7200
Attorneys, Business Law Attorneys, Real Estate Attorneys, Patent, Trademark & Copyright Law Attorney
Cio
18472 Colima Rd Ste 209
Rowland Heights, CA 91748
(626) 810-7171
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Ickowicz Terry A
8362 1/2 W 3rd St
Los Angeles, CA 90048
(323) 653-6956
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US