Real estate listing Forms for Philadelphia
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FAQ
An installment contract (also called a land contract or articles of agreement for warranty deed or contract for deed) is an agreement between a real estate seller and buyer, under which the buyer agrees to pay to the seller the purchase price plus interest in installments over a set period of time.
Articles of agreement were often drawn up in advance of a lease or a conveyance. They set out the conditions that were to be included.
The Pennsylvania purchase agreement creates a secured contract involving the exchange of a residential property for a determined monetary consideration. The contents of the agreement are generally negotiated between the buyer and seller along with possible professional advisement, to be then endorsed upon acceptance.
The buyer agrees to make a purchase on a specific timeline, and the seller agrees to provide the goods and services on or by that date. The buyer agrees to pay a certain price for the goods, and the seller agrees to accept that price. Either party has recourse if the other violates the sales agreement.
Other disadvantages include the possibility of the seller going bankrupt, going missing or dying, which would put the property into probate and jeopardize the buyer’s contract.
Ten Tips for Making Solid Business Agreements and ContractsGet it in writing.Keep it simple.Deal with the right person.Identify each party correctly.Spell out all of the details.Specify payment obligations.Agree on circumstances that terminate the contract.Agree on a way to resolve disputes.More items...