A land contract is one form of financing the purchase of real estate. Through a land contract, the buyer agrees to purchase the property, makes a down payment at the closing on the property and agrees to make installment payments to the seller until the full purchase price has been paid. In the meantime, seller retains the deed to the property.
Whether you are the buyer or the seller, the attorneys at Davison Legal Associates, P.C. will help you protect your interests during this type of transaction.
There are a lot of issues that need to be considered before entering into a land contract regardless of whether you are the seller or the buyer. For instance, who will assume the duty of paying property taxes? In many cases, it is the seller’s obligation. What if the seller fails in this regard? What happens if the buyer is unable to continue making installment payments? Does the buyer forfeit the property and the payments that have already been paid? In most land contracts, the buyer would. Who is responsible for providing insurance?
As you can see there are a lot of issues that can pop up in the sale of any home or property, but especially with a land contract because these agreements tend to favor the seller over the buyer. If you need a land contract drafted, modified or forfeited, it is imperative that you contact the experienced attorneys at Davison Legal Associates, P.C. to help point out lingering issues that may arise.