Kentucky Contract for Sale (of Land)
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How to fill out Contract For Sale (of Land)?
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FAQ
Unlike a mortgage sale, a contract for deed or land contract, does not require the buyer to pay all at once; rather he or she makes payment on the property. This is the classic ?rent to own? scenario. Once all payments have been made, the buyer owns the property.
A contract for deed is a private agreement between a landowner (a seller) and a buyer that allows the buyer to purchase land over time without a traditional bank mortgage loan. Generally, the buyer agrees to pay for the land through a series of installment payments made over a number of years.
A major drawback of a contract for deed for buyers is that the seller retains the legal title to the property until the payment plan is completed. On one hand, this means that they're responsible for things like property taxes. On the other hand, the buyer lacks security and rights to their home.
If the buyer defaults on the land contract, or fails to make the monthly payments to the seller as required, the seller can file a court action called "land contract forfeiture." Success in court will result in the buyer "forfeiting," or giving up, all money paid to the seller for the property pursuant to the land ...
THE DESCRIBED PROPERTY IS SOLD "AS-IS" WITHOUT ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE CONDITION OF SUCH PROPERTY . BY ACCEPTING THIS BILL OF SALE, BUYER(S) REPRESENT THAT BUYER(S) HAVE PERSONALLY INSPECTED THE DESCRIBED PROPERTY AND ACCEPTS THE PROPERTY "AS-IS".
To be enforceable, a land sale contract must satisfy the Statute of Frauds, which generally requires that these contracts be in writing and signed by the parties. Note that this writing is apart from the instrument under which the actual transfer takes place, which is known as the ?deed.?
Purchase Contracts in Kentucky Contracts are required to include the terms and conditions of the sale, including payment amounts and the manner in which the buyer will provide financial consideration, details clarifying the rights and responsibilities of both parties, and the closing date of the transaction.