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A void contract has no legal force. It is missing an essential element, and thus it is not a contract. For example, a contract to kill would be void, because it has an illegal purpose. You do not have the option to kill somebody!

To be enforceable, a purchase contract must set out the essential terms of the agreement; in particular, it must clearly describe the "three Ps" (parties, property and price) and other key terms such as the completion date and the particulars of any vendor financing or leaseback.

Setting up a basic land contract is fairly simple if both the buyer and seller agree on the terms of the sale and financing. Agree upon a sale price. Before you begin structuring the land contract, meet with the buyer and agree upon a sale price if you have not done so.

There's also something called a wrap-around land contract. Essentially, the buyer and seller agree to a seller-financed land contract, but the seller keeps paying on their existing mortgage, pocketing the difference between their mortgage payment and what they are paid on a monthly basis by the buyer.

A land contract should spell out the purchase price, down payment, payment schedule, installment amount, interest rate, loan term and balloon payment amount, if applicable. Responsible party for home repairs. The buyer and seller agree upfront on who will make and pay for home repairs.

The main advantage of a land contract is that it's fairly easy to qualify for. As long as the seller is willing to go that route, there's little need for extensive credit checks.A land contract is often viewed as a way to "pay down the purchase price" before obtaining a regular mortgage to buy the property outright.

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.