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 Bradenville, PA

Orientation to Land Contracts in Bradenville, 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 Bradenville, PA
Margle Law Offices PC
3839 Easton Ave
Bethlehem, PA 18020
(610) 865-9970
Attorneys, General Practice Attorneys, Legal Service Plans, Family Law Attorneys, Divorce Attorneys,
Colaizzi Law Firm
1016 Greentree Rd Ste 110
Pittsburgh, PA 15220
(412) 922-9909
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Bankruptcy Law Attorneys
Karp & Hart Law Offices
27 Turnberry Ct
Coatesville, PA 19320
(610) 380-9400
Attorneys Referral & Information Service
Lamm Anthony L
3325 Street Rd
Bensalem, PA 19020
(215) 638-9330
Attorneys, Legal Service Plans
Lefkowitz Larry H
4802 Neshaminy Blvd # 5
Bensalem, PA 19020
(215) 750-9202
Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,  Legal Service Plans,  Insurance A
Fantini Law Firm
661 Andersen Dr Ste 220
Pittsburgh, PA 15220
(412) 928-9200
General Practice Attorneys, Attorneys, Legal Service Plans
Dugan Mitchell H
4 W Manilla Ave
Pittsburgh, PA 15220
(888) 775-9093
Employee Benefits & Worker Compensation Attorneys,  Attorneys,  Social Security & Disability Law Att
Benjamin F Goodwin Attorney
106 Carmichaels Plz
Carmichaels, PA 15320
(724) 966-9090
Attorneys,  Criminal Law Attorneys,  Juvenile Law Attorneys,  Accident & Property Damage Attorneys,
The Swain Law Firm
2410 Bristol Rd
Bensalem, PA 19020
(856) 558-9069
Attorneys,  Civil Litigation & Trial Law Attorneys,  Business Law Attorneys,  Personal Injury Law At
Whiteman L J
3910 Main St # 1
Homestead, PA 15120
(412) 462-9040
Attorneys, Legal Service Plans
Cacciatore Keith D
3005 Brodhead Rd Ste 23
Bethlehem, PA 18020
(610) 954-8501
Estate Planning Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorney
Lacks Stanton M
3220 Tillman Dr Ste 114
Bensalem, PA 19020
(215) 245-8440
Bankruptcy Law Attorneys, Attorneys, General Practice Attorneys
Penn Rise Benefits, Inc.
2512 Grandview Rd
Coatesville, PA 19320
(610) 269-8363
Bankruptcy Law Attorneys
Applebaum and Associates
3910 Bristol Pike
Bensalem, PA 19020
(215) 245-8222
Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Employee Benefits & Worker Comp
Pitt Larry
1928 Bristol Pike
Bensalem, PA 19020
(215) 245-8190
Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans, Employee Benefits & Worker
Renkert Barbara R
2851 Baglyos Cir # 200
Bethlehem, PA 18020
(610) 867-8181
Attorneys,  Accident & Property Damage Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Corp
Michael Thomas J
436 S Main St
Pittsburgh, PA 15220
(412) 921-8110
Attorneys, Legal Service Plans
Emeka Igwe
1500 Walnut Ave Ste 700,
Bensalem, PA 19020
(877) 758-7842
Criminal Law Attorneys
Varghese Babu
524 W Fisher Ave
Philadelphia, PA 19120
(215) 324-7720
Attorneys, Legal Service Plans
Paul H Young Associate
3554 Hulmeville Rd,Ste 102
Bensalem, PA 19020
(267) 483-7549
24 Hours A Day, 24 Hours 7 Days
Port Clark & Ward
100 Fleet St # 104
Pittsburgh, PA 15220
(412) 921-7350
General Practice Attorneys, Attorneys, Legal Service Plans
Baurnes Gregory J
173 Bellwood Dr
Homestead, PA 15120
(412) 461-7273
Attorneys, Legal Service Plans
Michael J. Mueller
3220 Tillman Dr Ste 201
Bensalem, PA 19020
(267) 934-7248
Social Security & Disability Law Attorneys, Attorneys, Labor & Employment Law Attorneys, Corporation
De Simone Joseph M
1928 Bristol Pike
Bensalem, PA 19020
(215) 633-7080
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US