The Basics Of Land Contract Of Sales you need to know before Buying a Land - Properties - Nairaland
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| The Basics Of Land Contract Of Sales you need to know before Buying a Land by ShoProperties(m): 11:49am On Mar 09, 2017 |
A land contract is a written legal contract, or agreement, used to purchase real estate, such as vacant land, a house, an apartment building, a commercial building, or other real property. A land contract is a form of seller financing. It is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full. A buyer and a seller both sign the land contract covering agreed upon terms and conditions of the sale. Upon satisfaction of all contract terms and conditions, including payment of the purchase price over a specified time period, the legal title of the property transfers from the seller to the buyer by way of a warranty deed, or other deed used to convey title. This article discusses the basics of a land contracts including how and when they are used to purchase real property. Why Are Land Contracts Used? As with other types of seller financing, a land contract may be advantageous to both buyer and seller. Benefits to buyers. There may be a buyer interested in the real estate for sale but who, because of their credit history or other reasons, cannot obtain approval for a needed mortgage. The parties can enter into a sale by land contract so that the buyer makes monthly payments directly to the seller. Benefits to sellers. The seller does not receive the full purchase price up front, like the seller would if the buyer used a mortgage or paid all cash, but the seller may have more options for potential buyers. Also, the seller may be able to negotiate a higher purchase price on the property by offering a sale by land contract. The seller may also require and receive a large cash down payment. When Does the Buyer Become the New Owner of the Land Contract Property? While the buyer is making payments to the seller, the buyer is considered to have an “equitable title” to the property. As an equitable title holder, the buyer has an interest in the land contract property and the seller is precluded from selling the property to a third party or subjecting the property to a lien or encumbrance that would interfere with the buyer’s interest in the property. The “legal title” to the property remains with the seller until the buyer makes the final payment. When the final payment is made, and all conditions of the land contract are met, the deed to the property will be filed with the appropriate government office, such as the county register of deeds, naming the buyer as the new owner of the property. Does an Attorney Need to Review a Land Contract? Land contracts may be a good, or sometimes the only, option available to buyers and sellers of real estate. Real estate rules vary by state, so it is important to consult with an experienced real estate attorney to draft a land contract in order to allow for appropriate terms and to be able to enforce a forfeiture action, if needed by the seller. Lalasticlala, mynd44 Source http://www.nolo.com/legal-encyclopedia/the-basics-land-contracts.html 1 Like 1 Share |
| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by ShoProperties(m): 1:01am On Mar 10, 2017 |
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| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by Iruobean(m): 6:43am On Mar 10, 2017 |
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| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by Joettti: 6:43am On Mar 10, 2017 |
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| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by Nobody: 6:44am On Mar 10, 2017 |
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| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by coolestchris(m): 6:45am On Mar 10, 2017 |
Land |
| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by MayowaAleem(m): 6:46am On Mar 10, 2017 |
Okay[url]Okay[/url]Okay |
| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by Asek1(m): 6:46am On Mar 10, 2017 |
What about a scenario where the buyer buys land that has already been sold to another buyer by the seller  How does he get his money back |
| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by Speedyconnect8: 6:50am On Mar 10, 2017 |
you mean i will just be paying money to sb for some time? |
| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by money121(m): 6:55am On Mar 10, 2017 |
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| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by Jaytecq(m): 6:57am On Mar 10, 2017 |
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| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by Shittuakeem(m): 7:19am On Mar 10, 2017 |
One thing I know is that any prospective buyer should visit the local govt. area of the land or property to confirm if the land those not belong to govt. before venturing your hard earn cash, after which he can proceed to payment. mind you if you don't have money for foundation immediately don't buy any land, because the seller will sell it to another buyer. That is the way of Lagos Omo oni le 1 Like |
| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by kolado(m): 7:35am On Mar 10, 2017 |
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| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by toxxnoni(m): 7:42am On Mar 10, 2017 |
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| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by Hammefeez: 7:54am On Mar 10, 2017 |
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| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by Nobody: 8:08am On Mar 10, 2017 |
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| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by Nobody: 8:22am On Mar 10, 2017 |
Semi detached and fully detached 4 bedroom duplexes in Lekki, Lagos, up for sale.. Facilities include; Swimming pool, event centre and gym. Prices are negotiable... Outright and instalmental payments options available. Call/WhatsApp: +2348138718647; +2348023480776 info@naijapropertiesonline.com www.naijapropertiesonline.com/listings/2nd-toll-gate-ochid-hotel-road-eleganza/
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| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by Ayhomes(m): 8:27am On Mar 10, 2017 |
this estate is going for 700k per plot, buy 5 and get 1 free ibeju lekki, 3min from la campaign tropicana beach and around lekki free trade zone call or whatsapp +2349066815852 https://www.youtube.com/watch?v=LY8Gkc39Nuo |
| Re: The Basics Of Land Contract Of Sales you need to know before Buying a Land by Nobody: 8:32am On Mar 10, 2017 |
A Five (5) bedroom detached duplex in Adeniyi Jones Ikeja Lagos, is up for sale. Call/WhatsApp: +2348138718647 ; +2348023480776 info@naijapropertiesonline.com www.naijapropertiesonline.com 1 Like
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