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.
Land Contract Questions
Answers to Frequently Asked Land Contract Questions
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.
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.
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.
If a Term Within the Real Estate Sales Agreement is Not Included Within the Deed, Which is Enforced?
This is a complicated legal question, and one that is est answered by an examination of a state’s specific laws.
If I Want to Sell My Home by Land Contract, Can I Assign the Existing Mortgage to the New Buyer?
Most mortgage contracts do not allow for the assumption of the debt by another party, even if that assignment is for the same property.
We suggest a careful reading of the existing mortgage contract, as most mortgage documents specifically prohibit such an action.
If I Resold my Land Contract Home to Another Person Using a Second Land Contract, What Document Should I Use to Remove Myself from the Middle?
If a land contract is no longer in effect (i.e., assuming that the ORIGINAL Land Contract has been fulfilled and both parties to that original contract are in agreement on this issue), you may wish to prepare and file a termination statement with the State.
Can Home Sold on a Land Contract Be Resold to a New Buyer Before the Final Payment is Made?
A good Land Contract document addresses a secondary sale within its terms (all of Standard Legal’s Land Contracts do!). If the existing Land Contract spells out the terms for any sale by the Land Contract buyer, those terms should be followed expressly.