Land Contracts
Definition of "Land contracts"
Also called an installment sales contract or contract foe feed. A type of creative financing in real estate allowing the seller to finance a buyer by allowing him or her to make a down payment followed by a series of periodic monthly payments of principal and interest. However, title is retained by the seller until the mortgage is paid. This means of financing can also be used to purchase improved land. Rules relating to land contracts differ among states. For instance, some states require that title be passed when a certain percentage of the loan has been paid by the borrower.
Popular Real Estate Terms
Character defines as a set of qualities that set apart a person, place, or object from others. When it comes to people, a character describes moral qualities and personality traits that ...
A bilateral contract is a pretty straightforward term. No horseplay there. It’s a legal agreement between two individuals who both agree to do (or not to do) a specific act. The ...
Something coming before. Examples are the year before, first lien on property, and previous owner of property. ...
Upper layer of ground. ...
In real estate, the basis to set an adjustable rate mortgage, such as a 6-month certificate of deposit (CD) rate, cost of funds index, or prime rate. A statistical measure stated as ...
A Building code – also referred to as building control or building regulations – is a set of rules by which a construction project needs to abide. Building codes are ...
Local governmental ordinance breaking down the country into districts that are restricted on how private property is to be constructed and used. It applies to the land and buildings. The ...
The quality of life enjoyed by a person depending on factors such as spendable income, housing conditions, health and education. ...
Person serving as a property administrator for someone who is incompetent due to a mental or physical deficiency. ...
Have a question or comment?
We're here to help.