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 Mineral Springs, PA

Orientation to Land Contracts in Mineral Springs, 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 Mineral Springs, PA
Pecht & Associates PC
1205 Manor Dr
Mechanicsburg, PA 17055
(717) 691-9808
Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Corporation & Partn
Sunday Collaborative Law
39 W. Main St.
Mechanicsburg, PA 17055
(717) 766-9622
Mediation Services, Family Law Attorneys
Sunday Dawn S
39 W Main St # 1
Mechanicsburg, PA 17055
(717) 766-9622
General Practice Attorneys, Attorneys
Tidd David W
516 Main St
Hellertown, PA 18055
(610) 838-8700
Bankruptcy Law Attorneys, Attorneys, Criminal Law Attorneys, Divorce Attorneys
Tidd & Cook
1406 Main St
Hellertown, PA 18055
(610) 838-8700
Attorneys, General Practice Attorneys
Flynn Thomas W III Atty
29 Sandy Ln
Malvern, PA 19355
(610) 644-8118
General Practice Attorneys, Attorneys
Duane Morris LLP Attys
200 Chesterfield Pkwy
Malvern, PA 19355
(610) 251-6900
General Practice Attorneys, Attorneys
Gantz Law Offices
7 3rd Ave
Malvern, PA 19355
(610) 644-6437
Real Estate Attorneys
Kellogg Thomas R Atty
1745 Indian Run Rd
Malvern, PA 19355
(610) 644-6152
General Practice Attorneys, Attorneys
Mc Carthy III William J
1319 Main St
Hellertown, PA 18055
(610) 838-6050
Attorneys, Legal Service Plans
Stradley Ronon Stevens & Young
30 Valley Stream Pkwy
Malvern, PA 19355
(610) 640-5800
Attorneys,  Tax Attorneys,  Banking & Mortgage Law Attorneys,  Real Estate Attorneys,  General Pract
Dohan Andrew H
460 E King Rd
Malvern, PA 19355
(610) 722-5800
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Gordon Charles W
656 Main St
Hellertown, PA 18055
(610) 838-5500
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys,
Wagner Bradford D
662 Main St
Hellertown, PA 18055
(610) 709-5499
Estate Planning Attorneys,  Attorneys,  Elder Law Attorneys,  Estate Planning, Probate, & Living T
Hazlett Gregory S Attorney-At-Law
7 W Main St
Mechanicsburg, PA 17055
(717) 610-4984
Attorneys, Litigation & Tort Attorneys, General Practice Attorneys
Giordano Law
221 West Main Street
Mechanicsburg, PA 17055
(717) 745-4160
Elder Law Attorneys, Social Security & Disability Law Attorneys, Wills, Trusts & Estate Planning Att
Jarmon Legal LLC
101 Lindenwood Drive, Suite 22
Malvern, PA 19355
(484) 999-4149
Criminal Law Attorneys, DUI & DWI Attorneys, Traffic Law Attorneys, Attorneys
Reynolds Family Law
5 Great Valley Pkwy Ste 213
Malvern, PA 19355
(610) 648-3840
Family Law Attorneys, Attorneys, Legal Service Plans
Attorneys Abstract
116 E King St
Malvern, PA 19355
(610) 296-3701
Abstracters,  Attorneys,  General Practice Attorneys,  Title Companies
Dupler D A Atty
333 Lancaster AVE
Malvern, PA 19355
(610) 644-3665
Attorneys, Legal Service Plans
Elder Keystone Law Pc
555 Gettysburg Pike
Mechanicsburg, PA 17055
(717) 697-3223
Attorneys, Legal Service Plans, Real Estate Attorneys, Estate Planning Attorneys
Keystone Elder Law P.C
555 Gettysburg Rd
Mechanicsburg, PA 17055
(717) 697-3223
Attorneys, Real Estate Attorneys, Personal Property Law Attorneys, Trust Companies, Elder Law Attorn
Berkowitz Klein LLP
629 B Swedesford Rd.
Malvern, PA 19355
(610) 889-3200
Business Litigation Attorneys, Attorneys, Business Law Attorneys
Hennessy Law
101 Lindenwood Dr # 225
Malvern, PA 19355
(484) 875-3111
Attorneys Referral & Information Service
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US