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? Continue reading Can a Land Contract Seller Use the Property as Collateral?
CATEGORY: Land Contract Questions
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!) Continue reading Can a Buyer Pay Off a Land Contract Early?
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. Continue reading What 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. Continue reading Must 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. Continue reading Must All Co-Owners Sign a Land 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. Continue reading If a Land Contract Buyer Rents the Property to Another, Can the Seller Be Liable for Injury?
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. Continue reading Does a Standard Document Exist to Demand Payment on a Land Contract?
When Can I Move In and When is the First Payment Due on a Land Contract?
A Land Contract is just that: a contract. The terms of the contract should be clearly stated within this document, including move-in date and the payment schedule. Read the Land Contract document carefully…
Can a Land Contract Seller Cancel the Contract if the Buyers Divorce?
Contract terminations (including those in a Contract for Deed, more commonly called a Land Contract) are typically only valid for a breach of a specifically stated term. Continue reading Can a Land Contract Seller Cancel the Contract if the Buyers Divorce?
Can I Change My Mind About Real Estate I Just Sold?
While some states have buyer remorse laws, but there are no ‘seller’s remorse’ statutes. Continue reading Can I Change My Mind About Real Estate I Just Sold?