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Onsite FAQ
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It is in the best interest of both the seller or buyer to involve a real estate attorney like David Soble to help you navigate through the federal and state laws governing land contracts, the process and the common terms of the contract.
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A land contract is an agreement between a buyer and a seller that states the buyer is purchasing property but will not receive the legal title until the debt has been satisfied.
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Land contract cons. Higher interest rates — Since the seller is taking most of the risk, they may insist on a higher interest rate than a traditional mortgage. Ownership is unclear — The seller retains the property title until the land contract is paid in full.
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An Illinois land contract documents the binding terms of the purchase and sale of vacant land between two parties. Both the seller and buyer must draft this contract with information regarding the land's legal descriptors as well as the agreed-upon purchase price.
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A land contract purchaser is not a renter, but has partial ownership while they are making payments. The seller holds the deed until the purchase is fully paid, and the buyer has most of the other rights and responsibilities of ownership throughout the payment period. It is a legally binding agreement.
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A Michigan land contract formalizes the terms governing a vacant land purchase and sale agreement between two parties. The parties must stipulate relevant legal descriptors of the land/lot as they appear on the deed as well as any financial conditions set forth through mutual negotiations.
-
It is in the best interest of both the seller or buyer to involve a real estate attorney like David Soble to help you navigate through the federal and state laws governing land contracts, the process and the common terms of the contract.
-
A land contract is an agreement between a buyer and a seller that states the buyer is purchasing property but will not receive the legal title until the debt has been satisfied.
-
Land contract cons. Higher interest rates — Since the seller is taking most of the risk, they may insist on a higher interest rate than a traditional mortgage. Ownership is unclear — The seller retains the property title until the land contract is paid in full.
-
An Illinois land contract documents the binding terms of the purchase and sale of vacant land between two parties. Both the seller and buyer must draft this contract with information regarding the land's legal descriptors as well as the agreed-upon purchase price.
-
A land contract purchaser is not a renter, but has partial ownership while they are making payments. The seller holds the deed until the purchase is fully paid, and the buyer has most of the other rights and responsibilities of ownership throughout the payment period. It is a legally binding agreement.
-
A Michigan land contract formalizes the terms governing a vacant land purchase and sale agreement between two parties. The parties must stipulate relevant legal descriptors of the land/lot as they appear on the deed as well as any financial conditions set forth through mutual negotiations.
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