land contract


Also found in: Acronyms, Wikipedia.

Land contract

A method of real estate financing; a mortgage-holding seller finances a buyer by taking a down payment and subsequent payments in installments, but holds the title until the mortgage is fully repaid.

Land Contract

A contract in which a buyer agrees to purchase real property from the seller for a certain price and on a certain payment schedule, but in which the seller retains title to the land until all payments have been made. A land contract may or may not amortize payment evenly, so that it may require a large balloon payment at some point in order to transfer title. Land contracts are most common either for buyers who would not qualify for a normal mortgage or for purchases made for investment purposes. In the United States, different states have different regulations and restrictions on land contracts. See also: Lease with an option to buy, Rent-to-own.

land contract

Also called a bond for title, land sale contract or contract for deed. It is a financing arrangement for real property,in which the seller holds the financing and the legal title and does not give the buyer a deed until all payments have been made in full.For many people with the inability to secure financing, it is the only practical way for them to own a home. The practice is perilous, though, and could result in the loss of the property, and substantial money spent over the years, simply because of one late payment.

Mentioned in ?
References in periodicals archive ?
Then it got worse: The seller had filed for bankruptcy, and the bankruptcy court considered the land contract an asset and ordered my friends to continue making those payments.
The second bill - in which the government pushed for all land contracts to be in writing and to be registered at the Land Registry Office in order to be considered valid - was rejected by majority vote, with opposition DISY, EDEK and EVROKO, as well as coalition partner DIKO voting against.
The company also has special designed programs for real estate investors such as lease to own (purchase option) and land contract (real estate contract), which improve investment properties' cash flow by more than 50% in any market condition.
At first glance, a land contract seems like the perfect opportunity for someone with little or no cash on hand to own property.
Summary: WesternGeco announced today that it has been awarded a major land contract by GAZPROM Libya B.
Legal Matters: Anyone buying rural property needs to understand what a land contract is.
Contract awarded for Seoul Godeok gangil public housing district land contract management services
NEW YORK -- First Guardian Financial Corporation (PINK SHEETS:FGFC), a Financial Holding Company specializing in short term high yield commercial real estate financing, leasing & business financing today announced that they have completed the sale of its interest in its land contract.
Land contract cleaning maintenance Maintenance cleaning approximately 8 400m, Optional Maintenance cleaning in addition approximately 14,700 m, and offices when necessary for self-cleaning forces Nachweis.
CAIRO: Damac Properties rejected on Wednesday an Egyptian court ruling, which annulled its Gamsha Bay land contract, and plans to seek international arbitration.
With the addition of the one time windfall from the sale of its interest in the land contract to bolster the bottom line even further.
In light of the current economic situation, the board decided to cancel the land contract of the third phase of Porto Marina Golf on condition that the paid amount is reimbursed," Taha said.