Pennsylvania Contract for Sale (of Land)
Description
How to fill out Contract For Sale (of Land)?
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FAQ
A purchase agreement (PA) is a written agreement between a buyer and seller to purchase and sell real estate. It protects both parties in a real estate transaction by defining their rights and responsibilities and setting appropriate expectations.
A Pennsylvania residential purchase and sale agreement allows a prospective buyer to purchase residential real estate from a seller. This document is not legally binding until both parties agree to all terms and conditions and sign the document.
A straight subject-to deal includes simply the seller's loan balance plus any additional cash from the buyer to equal the agreed-upon purchase price. Let's say two parties??buyer and seller??agree that the purchase price for a home will be $120,000. The seller still owes $100,000 on their home loan.
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.?
Under a land contract, the purchase price for the real estate is paid over time. The buyer may or may not make a down payment, but will usually make monthly payments until the purchase price, plus the interest, are paid in full. The seller retains legal title to the real estate until the purchase price is paid in full.
If the seller does not file the land contract in Ohio County Recorder's office within 20 days, the seller must do so for their protection. As described above, when entering a land contract, Ohio has specific requirements you must meet. Make sure you research these requirements and the property you are considering.
(a) An agreement of sale, other than for a cemetery lot, mausoleum or cremation space or opening, shall contain: (1) The date of the agreement. (2) The names of the buyer and seller. (3) A description of the property and the interest to be conveyed.
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.