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In contract law, a land contract, (also known as contract for deed or agreement for deed), is a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments.
A real estate contract typically does not convey or transfer ownership of real estate by itself. A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically ...
A deed is a legal document that is signed and delivered, especially concerning the ownership of property or legal rights. Specifically, in common law, a deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed.
A listing contract (or listing agreement) is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property. [1] If the broker is a member of the National Association of Realtors, the agreement must include all of the following terms:
When the conditions on the sale contract have been met, legal title passes to the buyer in what is known as closing. In England and Wales , the terms "purchaser" and "vendor" are used. [ 1 ] Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality.
This includes the sale of land, [6] a lease of property over three years, [7] a consumer credit agreement, [8] and a bill of exchange. [9] A contract for guarantee must also, at some stage, be evidenced in writing. [10] As a matter of contract English law takes the approach that a gratuitous promise, as a matter of contract law, is not legally ...
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