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 Lowland, NC

Orientation to Land Contracts in Lowland, NC


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 NC 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 NC 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 Lowland, NC
Martin Taylor L
431 S York St
Gastonia, NC 28052
(704) 675-9939
Criminal Law Attorneys, Attorneys, Legal Service Plans
Hoyle Larry G
310 W 3rd Ave
Gastonia, NC 28052
(704) 852-9900
Family Law Attorneys, Attorneys, Legal Service Plans
Blue Ridge Bankruptcy Clinic
195 S Main St # B
Marion, NC 28752
(828) 652-9610
Bankruptcy Services,  Attorneys,  Financial Services,  Legal Service Plans,  Bankruptcy Law Attorney
Bumgardner, Don H
223 W Main Ave
Gastonia, NC 28052
(704) 868-9293
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Family Law A
Kenny, Terry Albright
117 E Main Ave
Gastonia, NC 28052
(704) 861-9199
Attorneys, Family Law Attorneys, Criminal Law Attorneys
Reid C James
125 E Main Ave
Gastonia, NC 28052
(704) 854-9100
Attorneys, General Practice Attorneys
McIlveen Family Law Firm
1371-B East Garrison Blvd.
Gastonia, NC 28052
(704) 865-9011
Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorneys, Legal Clinics, Legal
Schultz, Richard B
212C W 2nd Ave
Gastonia, NC 28052
(704) 866-8868
Criminal Law Attorneys, Attorneys, Legal Service Plans
Street Nicholas
267 W Main Ave
Gastonia, NC 28052
(704) 978-8717
Attorneys Referral & Information Service, Divorce Assistance, Attorneys
Law Offices Geoffrey A Planner
216 S Marietta St
Gastonia, NC 28052
(704) 864-8417
Attorneys,  Family Law Attorneys,  Bankruptcy Law Attorneys,  Foreclosure Services,  Traffic Law Att
Street, Nicholas
269 W Main Ave
Gastonia, NC 28052
(704) 864-8324
Family Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Traffic Law Attorneys,  DUI & DWI Attorn
Bradshaw Aaron E
313 S South St
Gastonia, NC 28052
(704) 866-8289
Attorneys, Insurance Attorneys
Carpenter & Carpenter PLLC
311 S South St
Gastonia, NC 28052
(704) 861-8100
Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans
Williamson Dean Williamson
213 E Cronly St
Laurinburg, NC 28352
(910) 276-8082
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Social Security & Disability
Edwards A Michael
137 N Logan St
Marion, NC 28752
(828) 652-8011
DUI & DWI Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys
Lattimore Lee
20 N Main St
Marion, NC 28752
(828) 652-8003
Accident & Property Damage Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Civi
Little Steven
20 N Main St
Marion, NC 28752
(828) 652-8003
Accident & Property Damage Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Civil Li
Gordon Hicks & Floyd PA
609 Atkinson St
Laurinburg, NC 28352
(910) 276-7825
Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  W
Pickard, Rachel
333 S York St
Gastonia, NC 28052
(980) 285-7666
Social Security & Disability Law Attorneys,  Attorneys,  Social Security Services,  Labor & Employme
Robinson Amber
1103 E Court St
Marion, NC 28752
(828) 659-7323
Attorneys
Attorney Verna Bash-Flowers
313 S Broad St
Gastonia, NC 28052
(704) 691-7220
Bankruptcy Law Attorneys, Immigration Law Attorneys, Attorneys
Ronald J Shook P
267 W Main Ave
Gastonia, NC 28052
(980) 226-7185
Criminal Law Attorneys, Immigration Law Attorneys, Attorneys
Mullen Holland & Cooper PA
301 S York St
Gastonia, NC 28052
(704) 864-6751
Corporation & Partnership Law Attorneys,  Legal Service Plans,  Attorneys,  Wills, Trusts & Estate
Terry Albright Kenny
117 E Main Ave
Gastonia, NC 28052
(704) 964-6589
Family Law Attorneys,  Attorneys,  Divorce Attorneys,  Accident & Property Damage Attorneys,  Legal
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US