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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.
From the buyer’s perspective, purchasing a property on land contract combines the worst of buying and renting. Skip to main content. 24/7 Help. For premium support please call: ...
72-hour kick out contingency - Seller contingency, in which the seller accepts a contract from a buyer with a contingency (typically a home sale or rent contingency where the buyer conditions the sale on their ability to find a buyer or renter for their current property prior to settlement). The seller retains the right to sell the property to ...
The seller could negotiate a higher interest rate. The seller could negotiate a higher selling price. The property could be sold "as is" so there will be no need for repairs. [5] The seller could choose which security documents (mortgage, deed of trust, land sales document, etc.) to best secure his/her interest until the loan is paid.
Due to financing problems: ... the seller can elect to keep the earnest money as liquidated damages and agree to cancel the contract,” says Horner. “Or, the seller can elect to sue.” ...
Create a contract: Your real estate agent or attorney can draft a formal purchase and sales agreement. This document should outline all the key details and terms of the deal, including the sale ...
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