The Truth in Lending Act (TILA) applies to Land Contracts to the same extent that it does to other home-secured loan. But that does not mean a form is always required.
Read moreIs a Truth in Lending Form Required with a Land Contract?
Land Contract Questions
Answers to Frequently Asked Land Contract Questions
What Happens with Land Contract Heirs if the Seller Dies?
If the Seller in a Land Contract dies before the contract payments are made and the property title transfers, how the Land Contract document itself is written has a significant effect on the process.
Read moreWhat Happens with Land Contract Heirs if the Seller Dies?
Can a Land Contract Buyer Compel a Seller to Make Mortgage Payments?
If a Seller in a Land Contract does not fully own the property under contract, often a mortgage is involved through a third party lender. And if that Seller doesn’t make the required mortgage payments to the lender even though the Land Contract Buyer is paying the Seller, it can put the property in financial jeopardy.
But the Land Contract Buyer does have some options to overcome this situation.
Read moreCan a Land Contract Buyer Compel a Seller to Make Mortgage Payments?
Can a Land Contract Seller Use the Property as Collateral?
Under a Land Contract, the ‘Seller’ still holds an interest in the property until the contract is fully paid. At times, that Seller may wish to use the property as collateral for a loan or other interest. But is it legal for the Seller to use a home currently under Land Contract as collateral?
Read moreCan a Land Contract Seller Use the Property as Collateral?
Can a Buyer Pay Off a Land Contract Early?
A well-drafted Land Contract explicitly outlines the payment obligations within the document. (If the Land Contract you are using does not, next time get Land Contract documents from Standard Legal!)
What Documents Seller-Finance a Mobile Home Property Sale?
Most states treat a mobile home as personal property, not real estate. The land must be treated separately from the mobile home itself.
Given that, to sell a mobile home using seller-financing, two different documents must be prepared to handle the two sides of such a transaction: a Personal Property Lease for the mobile home, and a Land Contract for the ground on which it sits.
Read moreWhat Documents Seller-Finance a Mobile Home Property Sale?
Must a Land Contract Be Terminated if the Buyer Defaults?
A filed Land Contract where the Buyer has defaulted and moved out should be terminated so that there are no clouds on the title to the real estate should the property be sold in the future.
Read moreMust a Land Contract Be Terminated if the Buyer Defaults?
Must All Co-Owners Sign a Land Contract?
When a Buyer is purchasing real estate under a Land Contract from more than one owner, it is important that the legal contract documents contain signatures from all ownership parties to the contract.
If a Land Contract Buyer Rents the Property to Another, Can the Seller Be Liable for Injury?
A third party can be named in a lawsuit for just about any reason, as including a party requires no more than adding a name to paper.
Does a Standard Document Exist to Demand Payment on a Land Contract?
There is no standardized document to demand that a buyer on a Land Contract make the payments promised. But there is another simple option.
Read moreDoes a Standard Document Exist to Demand Payment on a Land Contract?