Land contracts are complex real estate agreements and you may need a lawyer to help you successfully navigate one. David Soble can provide you with all of the legal help you need to enter into a land contract and successfully sell your property or purchase your dream property.
WHAT IS A LAND CONTRACT AND WHY SHOULD I USE IT?
There are many different names for land contracts – they can also be called ‘contract for deed’ or ‘installment sale agreement’ – but they all provide potential property buyers to take physical possession of a property while paying it off in installments over time. The buyer will also need to put down an initial payment as well, to secure the property. In a land contract agreement, the property seller keeps their legal ownership of the property, while allowing the buyer to use it in most other ways. The buyer then pays an agreed purchase price in installments until it is completely paid off, at which point they will own the property.
There are many reasons to engage in a land contract when purchasing a new property. Land contracts are a good alternative to a mortgage in many situations. There are far fewer legal requirements surrounding land contracts than mortgages and almost anyone can enter into one. If you do not qualify for a mortgage due to credit, a land contract is a viable way to purchase your home. Land contracts also generally take far less time to pay off completely due to their payment structure. For sellers, there are many benefits to using a land contract. They generally result in higher profits with minimal closing costs, as well as much quicker sales. Land contracts are also a great way to attract several potential buyers in a short period of time. This type of contract can also be cancelled fairly painlessly, whereas a mortgage cannot be cancelled without a foreclosure. This is beneficial for both sellers and buyers.
HOW CAN DAVID SOBLE HELP ME WITH MY LAND CONTRACT?
There are many things to consider when entering into a land contract as either a buyer or seller. It is helpful to have a lawyer available to consult with both parties and draw up an appropriate agreement. The contract should specify all details of the sale, including the amount and frequency of payments, the responsibility of property taxes and insurance and the eventual transfer of the legal title to the buyer. The contract should also cover what would happen in the event of a cancellation by either the buyer or the seller. If you are already engaged in a land contract and are considering forfeiting the contract, you should also consult with a lawyer before taking action of any kind, as they can give you advice on how to proceed.
Every land contract is different and real estate laws vary by location. Whether you are considering entering into a land contract or you would like to forfeit an existing land contract, you should contact David Soble today.