land contract


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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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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I am very concerned about all these land contracts on the same property.
A land contract, also known as an "installment land contract" or "contract for deed," is a "contract for the purchase and sale of real estate under which the purchaser acquires the immediate right to possession of the real estate and the vendor defers delivery of a deed until a later time to secure all or part of the purchase price." (10) Unlike traditional bank-financed mortgages, the seller and the buyer contract together directly, and the seller retains legal title until the buyer has paid in full.
One reform would be to require sellers using a land contract to stop pushing provisions that require buyers to make repairs in order to make the house habitable.
MPs unanimously approved the Immovable Property Sales (Specific Performance) Law, thus giving land contracts power over any mortgages owed to the banks by the property's seller.
Summary: CAIRO: Egypt's New Urban Communities Authority is cancelling a land contract with beleaguered property developer Palm Hills, financial daily Al-Mal reported Thursday.
Pioneer Drilling Company Inc (NYSE Amex: PDC), a company that provides land contract drilling services as well as production services to oil and gas industry, has announced its financial results for the third quarter of 2010.
We would be willing to swap our current home in Jackson, Missouri or do a land contract. We would also be willing to live and work on a farm with an older couple in exchange for an inheritance of the farm after they pass on.
Within our current visibility, land contract activity in the Americas is now at high levels for 2009 as our clients look more and more to seismic to best address their longer-term reserve replacement requirements." 2008 Al Bawaba (www.albawaba.com)
They claimed they were forced to take the decision to sell as a precaution because of a legal problem relating to a 20-year-old sale of land contract which was holding up expansion plans at Stoneleigh Park.
* Know how much you can afford and how you want to pay--mortgage, cash or land contract. Check out Rob Roy's book, Mortgage Free/Radical Strategies for Home Ownership.
The Supreme Court on Thursday upheld a lower court decision that sentenced a former real estate broker to death for murdering two people in 1989 to conceal the fact that he swindled one of them out of more than 200 million yen in a false land contract.
Village of Broadview, et al.<br />Case No.: 16-1989<br />Officials: MANION, KANNE, and HAMILTON, Circuit Judges.<br />Focus: Injunctive Relief<br />For the last eleven years, the parties to this appeal have litigated a land contract that never closed and a strip club that never opened.

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