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 Zip Code 79602

Orientation to Land Contracts in Zip Code 79602


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 TX 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 TX 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 Zip Code 79602
Beard Rusty
500 Chestnut St
Abilene, TX 79602
(325) 670-9011
Labor & Employment Law Attorneys, Attorneys, General Practice Attorneys
Ingalsbe, Lynn
1065 S 3rd St
Abilene, TX 79602
(325) 677-8384
Attorneys, Criminal Law Attorneys
Wilson Don L
1057 S 3rd St
Abilene, TX 79602
(325) 673-8124
Attorneys, Legal Service Plans
Hacker Gary L
500 Chestnut St # 1402
Abilene, TX 79602
(325) 672-7824
Arbitration Services,  Attorneys,  Mediation Services,  Legal Service Plans
Whitten, Hacker, Hagin, Anderson, Allen & Self P.C.
500 Chestnut St Suite 1402
Abilene, TX 79602
(325) 672-7824
Attorneys,  Bankruptcy Law Attorneys,  Arbitration & Mediation Attorneys,  Real Estate Attorneys,  F
Whitten Law Firm
500 Chestnut St Ste 1402
Abilene, TX 79602
(325) 672-7824
General Practice Attorneys, Attorneys, Arbitration Services, Legal Service Plans
Reyes Law Firm
100 Chestnut St
Abilene, TX 79602
(325) 672-7000
Attorneys,  Personal Injury Law Attorneys,  Accident & Property Damage Attorneys,  General Practice
Galbreath Law Firm
4542 Loop 322
Abilene, TX 79602
(325) 437-7000
General Practice Attorneys, Attorneys, Legal Service Plans
Coffey Devin K
324 Chestnut St
Abilene, TX 79602
(325) 677-6700
Attorneys, General Practice Attorneys, Legal Service Plans
David N DeFoore
324 Chestnut St
Abilene, TX 79602
(325) 232-6670
Attorneys, Criminal Law Attorneys, Family Law Attorneys, DUI & DWI Attorneys, Personal Injury Law At
Sam Moore
318 Chestnut St
Abilene, TX 79602
(325) 676-5375
Criminal Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Family Law Attorneys,  D
Miller, Bicklein & Tysinger
500 Chestnut Suite Suite 213
Abilene, TX 79602
(325) 437-4878
Attorneys,  Legal Service Plans,  Workers Compensation Assistance,  Accident & Property Damage Attor
McCreary Veselka Bragg & Allen
1534 S Treadaway Blvd
Abilene, TX 79602
(325) 672-4870
Attorneys, General Practice Attorneys, Legal Service Plans
Richard C Mabry
100 Chestnut St Suite 101
Abilene, TX 79602
(325) 672-4233
Adoption Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Divorce Assistance,  Sex Offense Attor
Dick Harris
100 Chestnut St Suite 103
Abilene, TX 79602
(325) 677-3311
Attorneys, Business Bankruptcy Law Attorneys, Bankruptcy Services
David M. White
1500 Industrial Blvd Ste 303
Abilene, TX 79602
(325) 480-3083
Criminal Law Attorneys,  DUI & DWI Attorneys,  Medical Malpractice Attorneys,  Traffic Law Attorneys
Ashton R. Anderson
1500 Industrial Blvd., Ste 309
Abilene, TX 79602
(325) 261-3005
Attorneys,  Divorce Attorneys,  Personal Injury Law Attorneys,  General Practice Attorneys,  Bankrup
Jackson Law Firm
500 Chestnut St., Suite 1621
Abilene, TX 79602
(325) 437-2889
Attorneys, Criminal Law Attorneys, Family Law Attorneys, General Practice Attorneys
Williams Chad
100 Chestnut St Suite 202
Abilene, TX 79602
(325) 672-2633
Family Law Attorneys,  Attorneys,  Probate Law Attorneys,  Divorce Attorneys
Allen Law Firm
302 Chestnut St
Abilene, TX 79602
(325) 437-2424
Attorneys,  Personal Injury Law Attorneys,  Wrongful Death Attorneys,  Civil Litigation & Trial Law
Kneisler Jr James R
500 Chestnut St
Abilene, TX 79602
(325) 672-2008
Attorneys, Social Security & Disability Law Attorneys, General Practice Attorneys, Legal Service Pla
Ladyman Law Office
1150 Estates Dr
Abilene, TX 79602
(325) 676-1775
General Practice Attorneys, Attorneys, Legal Service Plans
Abilene Bar Association Lawyer Referral
300 Oak St
Abilene, TX 79602
(325) 674-1395
Attorneys Referral & Information Service, Legal Service Plans
David Thedford
334 Chestnut St
Abilene, TX 79602
(325) 673-1164
Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US