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 Blanchard, PA

Orientation to Land Contracts in Blanchard, 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.

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 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 Blanchard, PA
Stein Gary L
347 Bridge St
Collegeville, PA 19426
(610) 917-9347
Attorneys, Legal Service Plans
Gultanoff Barry
373 E Main St
Collegeville, PA 19426
(610) 489-9220
Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys
Advice About Malpractice Attys
373 E Main St
Collegeville, PA 19426
(610) 489-9220
General Practice Attorneys, Attorneys
A Accident Attorneys
373 E Main St
Collegeville, PA 19426
(610) 489-9220
Family Law Attorneys, General Practice Attorneys, Attorneys
Robert L Brant & Assoc
572 W Main St
Trappe, PA 19426
(610) 489-9199
Estate Planning Attorneys, Attorneys, Business Law Attorneys, Real Estate Attorneys, Legal Service P
Boland Jr Lawrence
238 Main St
Imperial, PA 15126
(724) 695-8620
Attorneys, General Practice Attorneys, Legal Service Plans
Bash Law Offices PC
2 W Pittsburgh St
Delmont, PA 15626
(724) 468-8600
General Practice Attorneys, Attorneys
Buskirk Jeffrey
1647 Bellaire Pl
Pittsburgh, PA 15226
(412) 884-8428
Divorce Attorneys
King Laird P.C.
360 West Main st
Arcola, PA 19426
(484) 533-7680
Bankruptcy Law Attorneys, Child Custody Attorneys, Divorce Attorneys
Merrow & Jacoby, P.C.
19 S 3rd St
Hamburg, PA 19526
(610) 562-7600
Family Law Attorneys, Attorneys, Criminal Law Attorneys, General Practice Attorneys, Legal Service P
Wolfe Frank Allan
930 5th Ave
Ford City, PA 16226
(724) 763-7125
Attorneys,  Social Security & Disability Law Attorneys,  DUI & DWI Attorneys,  Real Estate Attorneys
Theresa Ann Hartzell, PC
2225 State Rd
Drexel Hill, PA 19026
(484) 452-6619
Family Law Attorneys, Attorneys, General Practice Attorneys
McKay & Associates, P.C.
801 Mcneilly Rd
Pittsburgh, PA 15226
(412) 344-6110
Bankruptcy Law Attorneys, Patent, Trademark & Copyright Law Attorneys, Attorneys
Warren & Vullings LLP
3953 Ridge Pike
Collegeville, PA 19426
(610) 489-6060
Consumer Law Attorneys, Attorneys
Ober Paul R & Associates
607 S 4th St
Hamburg, PA 19526
(610) 562-5879
Environment & Natural Resources Law Attorneys, Attorneys
Leah N. Westerman
5 Evansburg Road
Trappe, PA 19426
(610) 389-4952
Divorce Attorneys, Family Law Attorneys, General Practice Attorneys, Attorneys
Quinn Michael & Joann
501 Bloomfield Ave
Drexel Hill, PA 19026
(610) 284-4679
Attorneys, Legal Service Plans
Stapleton Jr Thomas J
5030 State Rd Ste 2-600
Drexel Hill, PA 19026
(484) 423-4192
General Practice Attorneys,  Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys,  Crimi
Stapleton & Colden
5030 State Rd
Drexel Hill, PA 19026
(484) 423-4192
General Practice Attorneys,  Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys,  Crimi
Shollenberger Allen R Esquire
136 State St
Hamburg, PA 19526
(610) 562-4145
Attorneys, Legal Service Plans
Winter & Sutten Attorneys
1758 Route 30
Clinton, PA 15026
(724) 899-4100
General Practice Attorneys, Attorneys
Barley Snyder
239 State St
Hamburg, PA 19526
(610) 562-3721
Real Estate Attorneys, Attorneys
Nahrgang & Associates, P.C.
35 Evansburg Rd Ste 3
Collegeville, PA 19426
(610) 489-3041
Corporation & Partnership Law Attorneys, Attorneys, Family Law Attorneys
Rightmyer Katherine
400 S 4th St # B
Hamburg, PA 19526
(610) 562-2191
Attorneys, Social Security & Disability Law Attorneys, Corporation & Partnership Law Attorneys, Lega
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US