Indiana Contract For Land Related Services

State:
Multi-State
Control #:
US-OG-438
Format:
Word; 
Rich Text
Instant download

Description

The Contract For Land Related Services form, agreement is entered into by the parties shown on the execution page of this agreement, the parties are referred to as the Company and the Contractor. By the agreement, company engages the services of a contractor as an independent contract landman on terms and conditions.

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FAQ

Land contracts (aka ?land installment contracts? or ?contracts for deed?) are agreements in which a homebuyer makes regular payments to the seller but the deed does not transfer at the outset; instead, the seller retains full ownership of the property until the final payment.

Assignment of contract rights. (2) expressly states that the assignment does not take effect until the death of the owner; transfers the right to receive performance due under the contract to the designated assignee beneficiary if the assignment satisfies the requirements of subsection (b).

Typically, you must notify the seller of your intent to cancel the transaction in writing, delivered either in person or by mail. Refer to the notice of cancellation rights in your contract for the proper way to cancel.

Hear this out loud PauseIf the buyer cannot pay the balance during the redemption period, then the seller receives a judgment and the property is sold at a sheriff's sale. In a sheriff's sale the seller and others bid on the property in question. The seller can bid up to the amount of the judgment they receive (the amount owed by the buyer).

What Is A Land Contract? A land contract is a written legal contract, or agreement, used to purchase real estate, such as vacant land, a house, an apartment building, a commercial building or other real property. As a type of specialty home financing, a land contract is similar to a mortgage.

Hear this out loud PauseLand 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.

Hear this out loud PauseSec. 9.5. "Land contract" means a contract for the sale of real estate in which the seller of the real estate retains legal title to the real estate until the total contract price is paid by the buyer.

Hear this out loud PauseTypically, you must notify the seller of your intent to cancel the transaction in writing, delivered either in person or by mail. Refer to the notice of cancellation rights in your contract for the proper way to cancel.

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Indiana Contract For Land Related Services