12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!

Orientation to Land Contracts in Bakerstown, PA

Orientation to Land Contracts in Bakerstown, PA

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.


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 PA 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 PA 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 Bakerstown, PA
Mariotti, Joseph E - Capupo & Mariotti
730 Main St
Moosic, PA 18507
(570) 342-9999
Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partner
Abramowitz, Jed Eric Shore Law Office
1015 Chestnut St # 702
Philadelphia, PA 19107
(215) 627-9999
Social Security & Disability Law Attorneys, Attorneys, Attorneys Referral & Information Service, Gen
Shore, Eric A Eric A Shore PC
1015 Chestnut St # 702
Philadelphia, PA 19107
(215) 627-9999
Social Security & Disability Law Attorneys,  Attorneys,  Attorneys Referral & Information Service,  
Rosner Louis
121 S Broad St # 1000
Philadelphia, PA 19107
(215) 670-9990
Stark Firm
100 State St Ste 210
Erie, PA 16507
(814) 454-9898
Estate Planning Attorneys, Attorneys, Business Law Attorneys
Greenbaum Robert D
1339 Chestnut St # 530
Philadelphia, PA 19107
(215) 568-9802
Real Estate Attorneys, Attorneys, Business Law Attorneys
Wong Tai Y
1101 Market St # 2820
Philadelphia, PA 19107
(215) 592-9750
Attorneys,  Malpractice Law Attorneys,  General Practice Attorneys,  Legal Service Plans
Toler Susan G
211 N 13th St
Philadelphia, PA 19107
(215) 849-9745
Mc Dermott Michael I
1026 Winter St
Philadelphia, PA 19107
(215) 925-9732
Attorneys Referral & Information Service, Attorneys, General Practice Attorneys
Cordisco Bradway & Simmons
234 Mill St
Bristol, PA 19007
(215) 781-9730
General Practice Attorneys, Attorneys
Asia-America Group
923 Arch St
Philadelphia, PA 19107
(215) 625-9730
Attorneys, Legal Service Plans
Matthew L. Wolford Attorney
638 W 6th St
Erie, PA 16507
(814) 459-9600
Attorneys, Environment & Natural Resources Law Attorneys
Talarico & Niebauer
558 W 6th St
Erie, PA 16507
(814) 580-9428
Divorce Attorneys, Attorneys, Malpractice Law Attorneys, Professional Liability & Negligence Law Att
Mcglaughlin David M Atty
834 Chestnut St
Philadelphia, PA 19107
(215) 592-9400
Attorneys,  Attorneys Referral & Information Service,  General Practice Attorneys,  Legal Service Pl
Newman & Mcglaughlin
834 Chestnut St # 206
Philadelphia, PA 19107
(215) 592-9400
Attorneys, Legal Service Plans, Attorneys Referral & Information Service, Criminal Law Attorneys, Ge
Newman, George H. Attorney
834 Chestnut St
Philadelphia, PA 19107
(215) 592-9400
Criminal Law Attorneys, Attorneys, Legal Service Plans, General Practice Attorneys
Ahmad & Zaffarese, LLC
One South Broad Street, Suite 1810
Philadelphia, PA 19107
(215) 496-9373
Criminal Law Attorneys,  Divorce Attorneys,  Civil Litigation & Trial Law Attorneys,  Business Bankr
Li Sigang
938 Arch St # 2
Philadelphia, PA 19107
(215) 574-9363
General Practice Attorneys, Attorneys, Legal Service Plans
Curtis E. Barnes
100 North Kenhorst Boulevard
Reading, PA 19607
(610) 775-9316
Criminal Law Attorneys, DUI & DWI Attorneys, Traffic Law Attorneys, Attorneys
Straight Forward Legal
121 S Broad St Fl 20th
Philadelphia, PA 19107
(215) 545-9300
Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys
Wilson Johnson and Zuber Law
1 S Broad St Ste 1830
Philadelphia, PA 19107
(215) 988-9277
Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Personal Injury Law
Marsh Spaeder Baur Spaeder & Schaaf, LLP
300 State St Ste 300
Erie, PA 16507
(814) 580-9266
Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partnership Law Attorneys,  Estate
Schuster Kenneth
1 S Penn Sq
Philadelphia, PA 19107
(215) 848-9200
Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Legal Service Plans,  Wrongfu
Robert Zielinski Law Offices
1 S Broad St # 1500
Philadelphia, PA 19107
(215) 731-9100
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US