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 Lancaster, PA

Orientation to Land Contracts in Lancaster, 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 Lancaster, PA
Katherman, Briggs, & Greenberg, LLP
2173 Embassy Dr
Lancaster, PA 17603
(717) 397-9700
Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property Damage Attorneys,  Corp
Lovett Mark E Atty
99 Leaman Rd
Lancaster, PA 17603
(717) 871-9662
General Practice Attorneys, Attorneys
Sisko Robert E Attorney
624 Oxford Dr
Lancaster, PA 17601
(717) 293-9604
General Practice Attorneys, Attorneys
Atlee Hall, LLP
8 N Queen St
Lancaster, PA 17603
(717) 393-9596
Personal Injury Law Attorneys,  Accident & Property Damage Attorneys,  Attorneys,  Automobile Accide
Wee Robert C
8 N Queen St
Lancaster, PA 17603
(717) 207-9519
Traffic Law Attorneys, Attorneys, DUI & DWI Attorneys, Criminal Law Attorneys, Family Law Attorneys,
Robert C Wee Law Offices
8 N Queen St # 212
Lancaster, PA 17603
(717) 207-9519
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  DUI & DWI Attorneys,  General Practice A
Herr Charles Foltz Law Office
1291 Wheatland Ave
Lancaster, PA 17603
(717) 394-9449
General Practice Attorneys, Attorneys
Dibernardo Lisa M
150 E Chestnut St
Lancaster, PA 17602
(717) 397-9444
General Practice Attorneys, Legal Service Plans, Attorneys
Lancaster County Accident Lawyers
28 E Orange St
Lancaster, PA 17602
(717) 291-9400
Personal Injury Law Attorneys,  Accident & Property Damage Attorneys,  Automobile Accident Attorneys
Krasno Krasno & Onwudinjo
240 N Duke St
Lancaster, PA 17602
(717) 393-9396
Social Security & Disability Law Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Personal
Flannery Carolyn J. Law Office
53 N Duke St Ste 318
Lancaster, PA 17602
(717) 393-9390
Traffic Law Attorneys, Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys, General Practice Atto
Flannery Carolyn J
53 N Duke St
Lancaster, PA 17602
(717) 393-9390
Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys, General Practice Attorneys, Legal Service Pl
Krafft Gary G
930 Red Rose Ct # 300
Lancaster, PA 17601
(717) 293-9293
General Practice Attorneys, Attorneys
Russell Krafft & Gruber Llp
930 Red Rose Ct Ste 300
Lancaster, PA 17601
(717) 293-9293
Corporation & Partnership Law Attorneys,  Attorneys,  Family Law Attorneys,  Labor & Employment Law
Efstration Gary G
232 E Orange St # 1
Lancaster, PA 17602
(717) 291-9292
Paralegals, Attorneys
Roth Lynn L
204 Butler Ave
Lancaster, PA 17601
(717) 295-9226
Tax Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Real Estate Attorneys, Legal Se
Kenneth G Reidenbach Law Ofcs
36 E King St
Lancaster, PA 17602
(717) 295-9159
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Personal Injury Law
Raven Terrence J
53 N Duke St # 203
Lancaster, PA 17602
(717) 399-9100
Kluxen & Newcomer
339 N Duke St
Lancaster, PA 17602
(717) 509-9037
Attorneys, General Practice Attorneys, Legal Service Plans
Ilkhanoff & Silverstein PC
2938 Columbia Ave
Lancaster, PA 17603
(717) 429-8965
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,  General
Ilkhanoff Silverstein
2938 Columbia Ave
Lancaster, PA 17603
(717) 429-8965
Attorneys, Personal Injury Law Attorneys, Criminal Law Attorneys, General Practice Attorneys, Family
Xakellis George C
131 E Orange St
Lancaster, PA 17602
(717) 396-8961
Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Dittoe Thomas
1707 Lincoln Hwy E
Lancaster, PA 17602
(717) 293-8955
General Practice Attorneys, Attorneys
Spahn And Encarnacion
233 N Duke St
Lancaster, PA 17602
(717) 390-8950
DUI & DWI Attorneys, Attorneys, Criminal Law Attorneys, Immigration Law Attorneys, Legal Service Pla
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US