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.
Read moreCan a Land Contract Seller Cancel the Contract if the Buyers Divorce?
Land Contract Questions
Answers to Frequently Asked Land Contract Questions
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.
Read moreCan I Change My Mind About Real Estate I Just Sold?
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If a land contract is no longer in effect (i.e., assuming that the ORIGINAL Land Contract has been fulfilled and both parties to that original contract are in agreement on this issue), you may wish to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.
Read moreCan Home Sold on a Land Contract Be Resold to a New Buyer Before the Final Payment is Made?
Is There a Set Time Limit in Which an Executed Deed Must Be Provided After the Completion of Payments on a Land Contract?
The vast majority of states have no firm set time period or “grace period” for requiring the tender of a Deed for real property upon the completion of payments on a private mortage.
Does a Land Contract Buyer or Seller Typically Pay for Property Insurance During the Contract Term?
Under a Land Contract, the responsibility for the property insurance payment and the securing of a policy is a negotiated item.
Can I Sell the Land Contract House I Live In?
A Land Contract, like all other contracts, can be transferred, sold or assigned — so long as the document itself permits a sale or assignment, or all parties involved in the existing contract consent and agree to such sale or assignment.
If the Seller of a Land Contract Home Loses the Property in Foreclosure, What Recourse Do I Have as the Land Contract Buyer?
There is indeed a risk to a Land Contract buyer if the Land Contract seller has a mortgage on the property being contracted. Buyers need to protect themselves during the purchase negotiations.