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 Hannastown, PA

Orientation to Land Contracts in Hannastown, 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 Hannastown, PA
Voltz Hudson
110 Hopewell Rd Ste 200
Downingtown, PA 19335
(610) 518-9500
Accident & Property Damage Attorneys,  Attorneys,  Family Law Attorneys,  Personal Injury Law Attorn
Terence P. Ruf, Jr.
P.O. Box 185
Downingtown, PA 19335
(484) 786-9203
Criminal Law Attorneys,  DUI & DWI Attorneys,  General Practice Attorneys,  Personal Injury Law Atto
Anthony L Rosner
989 5th Ave
East Mc Keesport, PA 15035
(412) 829-9010
General Practice Attorneys, Attorneys
Rowden J Wesley
310 Chestnut St Ste 225
Meadville, PA 16335
(814) 333-9000
Attorneys,  Bankruptcy Law Attorneys,  Criminal Law Attorneys,  Traffic Law Attorneys,  DUI & DWI At
De Vore Bernadette
918 Diamond Park
Meadville, PA 16335
(814) 337-8974
Family Law Attorneys, Attorneys, Legal Service Plans
Woods Baker & Ross
67 Fraley St Ste A
Kane, PA 16735
(814) 837-8720
Attorneys, General Practice Attorneys
Grudowski & Thompson PC
400 Penn Center Blvd # 306
Pittsburgh, PA 15235
(412) 823-8080
Bankruptcy Law Attorneys, Attorneys
IKOR of Western Pennsylvania
201 Penn Center Blvd Suite 400
Pittsburgh, PA 15235
(855) 456-7972
Disability Services, Financial Services, Geriatric Consulting & Services, Elder Law Attorneys, Guard
Attorney Brode
334 North St
Meadville, PA 16335
(814) 337-7883
Social Security & Disability Law Attorneys, Attorneys, Family Law Attorneys, Immigration Law Attorne
Rapa Law Office PC
141 S 1st St
Lehighton, PA 18235
(610) 377-7730
Consumer Law Attorneys,  Attorneys,  Bankruptcy Law Attorneys,  Bankruptcy Services
Blystone & Blystone Attys
369 E Center St
Meadville, PA 16335
(814) 724-7534
Attorneys, General Practice Attorneys, Legal Service Plans, Family Law Attorneys, Divorce Attorneys,
Luttenauer Dennis
2 Greeves St # A
Kane, PA 16735
(814) 837-7190
General Practice Attorneys, Attorneys, Legal Service Plans
Youngs Christopher J Atty
363 Chestnut St
Meadville, PA 16335
(814) 337-7000
Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property Damage Attorneys,  Will
Youngs, Lisa P - Pepicelli Youngs & Youngs
363 Chestnut St
Meadville, PA 16335
(814) 337-7000
Estate Planning Attorneys, Attorneys, Business Law Attorneys, Real Estate Attorneys
Lindsay & Hatheway
311 Walnut St
Meadville, PA 16335
(814) 333-6771
Attorneys,  General Practice Attorneys,  Family Law Attorneys,  Divorce Attorneys
Michael J. Hanson
201 Penn Center Blvd 400
Pittsburgh, PA 15235
(412) 589-6200
Elder Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Arbitration & Mediation Attorneys
Bankruptcy Services Attorney
7102 Frankford Ave
Philadelphia, PA 19135
(215) 331-6060
Attorneys
Spadafore Emil M Jr Atty
935 Market St
Meadville, PA 16335
(814) 332-6000
Divorce Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Real Estate Atto
Thomas, Spadafore and Walker LLP
935 Market St
Meadville, PA 16335
(814) 332-6000
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  
William G Schwab & Assoc
811 Blakeslee Boulevard Dr E
Lehighton, PA 18235
(610) 377-5200
Accident & Property Damage Attorneys,  Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys,  
Bartifay Law Offices PC
201 Penn Center Blvd Ste 400
Pittsburgh, PA 15235
(412) 825-5113
General Practice Attorneys,  Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Margolis Edelstein
1798 Plank Rd
Duncansville, PA 16635
(814) 695-5064
General Practice Attorneys, Attorneys, Workers Compensation & Disability Insurance
Carbon County Bar Assn
811 Blakeslee Boulevard Dr E
Lehighton, PA 18235
(610) 379-4950
Attorneys Referral & Information Service, Attorneys, Legal Service Plans
Lavelle Marianne S Attorney
400 Beaver Run Rd
Lehighton, PA 18235
(610) 377-4928
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US