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Q: Can you sell a house that you are buying on land contract if you have not finished paying for it? A: Yes you can, but you will need a good real estate attorney to do this for you, one that can structure this type of transaction.

An advantage to the seller. What clause should a seller include in a land contract? an existing mortgage. If a buyer's equity in the property is significant and the buyer defaults, what must the seller do?

If the buyer has not made all the payments and defaults on the land contract, the seller may be able to file a "land contract forfeiture" in court. Depending on the ruling, the seller may be able to keep all the money already paid to him as well as retaining the rights to the property.

Common law remedies - damages A party who has breached a contract for the sale of land is liable to pay at least nominal damages, even if no loss has been caused.

A land contract is a type of real estate financing in which the buyer makes payments directly to the seller instead of a lender. Once the contract is fully paid off, the title to the property passes to the buyer. This is in contrast to a traditional mortgage where the buyer would receive the title at closing.

Standard contingencies include things like a buyer's inspection of the house and satisfaction with the condition that the house is in.If you are in a hurry, you may want to contest this contingency or place a limit on how long you will delay the closing of sale in order for the seller to find another house.

Larger Down Payments Land loans typically require a larger down payment than traditional mortgages, often as much as 20% to 30% of the asking price. If you are purchasing raw land, the preferred down payment can be as much as 30% to 50% of the total cost.