Search results
Results from the WOW.Com Content Network
However, if the buyer defaults on installment payments, the land contract may consider the failure to timely pay installments a breach of contract, and the land equity may revert to the seller, depending on the land contract's provisions. Since land contracts can easily be written or modified by any seller or buyer; one may come across any ...
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
Private parties entering into a contract with one another (i.e., commercial contracts) have more freedom to establish a broad range of contract terms by mutual consent compared to a private party entering into a contract with the Federal Government. Each private party represents its own interests and can obligate itself in any lawful manner.
The Bureau of Land Management (BLM) is an agency within the United States Department of the Interior responsible for administering U.S. federal lands. Headquartered in Washington, D.C., the BLM oversees more than 247.3 million acres (1,001,000 km 2) of land, or one-eighth of the United States's total landmass. [3]
The United States Supreme Court has upheld the broad powers of the federal government to deal with federal lands, for example having unanimously held in Kleppe v. New Mexico [7] that "the complete power that Congress has over federal lands under this clause necessarily includes the power to regulate and protect wildlife living there, state law notwithstanding."
From the buyer’s perspective, purchasing a property on land contract combines the worst of buying and renting. Housing: What is a land contract? Advantages, disadvantages of the homeownership ...
Instead, they resorted to land installment contracts at above market rates to buy a house. Land installment contracts were historically predatory agreements in which buyers made payments directly to sellers over a period of time in order to obtain the legal title to the home only when the full purchase price had been paid.
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent [1] to transfer of goods, services, money, or promise to transfer any of those at a future date.