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 59111

Orientation to Land Contracts in Zip Code 59111


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 MT 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 MT 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 59111
Sullivan Paul
443 Osborn Ave # 106
Bigfork, MT 59911
(406) 837-9970
Attorneys, General Practice Attorneys, Legal Service Plans
Everett Law PLLC
217 E Park Ave
Anaconda, MT 59711
(888) 993-9304
Attorneys, Commercial Law Attorneys
McNeal John
305 W Pennsylvania Ave
Anaconda, MT 59711
(406) 563-8686
Attorneys
Skakles Greg
117 Main St
Anaconda, MT 59711
(406) 563-8409
Wills, Trusts & Estate Planning Attorneys, Attorneys, Tax Attorneys, Malpractice Law Attorneys, Acci
Gallagher Patrick T
117 Main St
Anaconda, MT 59711
(406) 563-8409
Attorneys, General Practice Attorneys, Legal Service Plans
Anaconda Public Defender
118 Cherry St
Anaconda, MT 59711
(406) 563-6586
Attorneys, Justice Courts
Josephson Mark
115 W 2nd Ave
Big Timber, MT 59011
(406) 932-5900
Attorneys, General Practice Attorneys, Legal Service Plans
Josephson Dick
115 W 2nd Ave
Big Timber, MT 59011
(406) 932-5900
General Practice Attorneys, Attorneys, Legal Service Plans
Vainio Kevin E
100 W Park Ave
Anaconda, MT 59711
(406) 563-5800
Attorneys
Nolde Edward P
443 Osborn Ave # 201
Bigfork, MT 59911
(406) 837-5675
Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
Biglen Thomas Attorney
209 W 1st Ave
Big Timber, MT 59011
(406) 932-5671
Attorneys, Legal Service Plans
Dringman Patrick
515 Hooper St
Big Timber, MT 59011
(406) 932-5475
Attorneys
Frazier Bill
101 E 2nd Ave
Big Timber, MT 59011
(406) 932-5453
Attorneys, Legal Service Plans
Brandon Law Firm
147 Sherman Ln
Bigfork, MT 59911
(406) 837-5445
Attorneys, General Practice Attorneys, Legal Service Plans
Lippert Jim
301 W 1st Ave # B
Big Timber, MT 59011
(406) 932-5410
Attorneys, Legal Service Plans
Connors Law Firm PLLP
212 E Park Ave
Anaconda, MT 59711
(406) 563-5297
Attorneys, General Practice Attorneys, Legal Service Plans
Connors Kenneth A
212 E Park Ave
Anaconda, MT 59711
(406) 563-5297
Attorneys
Sweet Grass County Extension
515 Hooper St
Big Timber, MT 59011
(406) 932-5146
Attorneys, County & Parish Government, Legal Service Plans
McCarthy Law PC
317 W Park Ave
Anaconda, MT 59711
(406) 563-5075
Attorneys, Legal Service Plans
Mc Lean Michael D
108 E Park Ave
Anaconda, MT 59711
(406) 563-4411
Attorneys, General Practice Attorneys, Legal Service Plans
Snyder Randall
8090 Mt Highway 35
Bigfork, MT 59911
(406) 837-4383
Legal Service Plans,  Attorneys,  Corporation & Partnership Law Attorneys,  Business Law Attorneys,
Nolde Edward P
8090 Mt Highway 35
Bigfork, MT 59911
(406) 837-4383
Attorneys, Bankruptcy Law Attorneys, Legal Service Plans
Sweet Grass County Attorney
209 McLeod St
Big Timber, MT 59011
(406) 932-4376
Attorneys
Leander Peter A
443 Osborn Ave # 108
Bigfork, MT 59911
(406) 837-4123
Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorne
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US