Land Contract?
Does anyone know anything about doing a land contract? What are usual terms? Things to do?
Does anyone know anything about doing a land contract? What are usual terms? Things to do?
Is the purpose of the contract for a house your moving into or a house your moving someone into.
In my state a land contract is normally a separate form used in place of a purchase agreement. They are drawn up right on the spot and signed a money is given.
The usual terms depend on your own state. You might want to check with a local attorney or possibly a real estate agent to get the form.
For free you might start searching the county recorder as you are bound to find some forms others have used and recorded.
GOOD LUCK
Terms are always negotiable...your post is very vague, try describing more what is going on...
The land contract is for me. I am interested in purchasing a home by this way. There are several land contract properties in this area, but I have asked about one that is listed by a realtor. Most everybody that has them offered has there own terms, which have veried. The real estate agents are asking me for my terms and I don't know what to say. Obviously, I can't get a loan or else I wouldn't be doing it this way.
Think of a land contact as a way of documenting a transaction involving seller financing.
Why can you not get conventional financing?
Are you trying to buy a property to move into? A true owner occupied property?
John
[addsig]
Yes, I would like to move into a house. I rent right now. My credit and my husbands credit are around 500 if not below. We have enough money to make payments ok, just can't come up with a large amount up front and can't get a loan. I thought getting a land contract would help in this situation. I have never done this so I need help. :-?
so does anyone have any ideas of what to do or what terms to present for a land contract/rent to own possibility?
it's a standard form for each area. but, you usually need a down payment. a local atty who practices real estate should have a generic form to fill in for you. I can fax you one late tonight or tomorrow that's used in PA but I don't know how how much good it will do you. very general, they agree to sell & you agree to purchase, price and terms, contingencies if you fail to pay, who pays for things (you), etc. Here, we call them Installment Sales Contracts. Most times there is a balloon and you must either refinance or lose your deposit and everything you've paid in. If you default and they take it back, you lose everything. The seller is still the owner of the property (although you acquire what is called an equitable interest) as the deed doesn't pass until you pay in full. So you don't get yourself in a mess that it appears you can illafford, truly an attorney is the way to go - several hundred dollars for someone to look out for you isn't much when you consider what you'll be investing.
I replied, but I did something wrong, It started a whole new topic. Sorry,