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
Large scale map of an urban area detailing land use. City plans are essential for projecting the growth, development, and redevelopment of the urban area. The major objective of a city plan ...
Typically, the term rider defines a financial concept, implying a written modification applied to an insurance policy, altering its initial clauses and provisions. The rider can update the ...
Portion of a deed that states the act and date of the transfer of the property. ...
Legal order for a person to present at a deposition or trial documents in his possession, such as related to a real estate transaction. ...
Written agreement, guarantee, pledge, or promise annexed to the land between two or more parties to do or not to do something and is transferred to successive title holders. For example, in ...
Power of attorney giving permission for a lawyer to represent a client. ...
Possession and use of a property estate by virtue of a lease. There are four types of leasehold estates: estate for years, periodic tenancy, tenancy at will, and tenant at sufferance. ...
(1) Retaining wall constructed along water with solid earth behind it. It extends the effective shoreline and protects the land from tidal action. (2) That portion of a wall located beneath ...
Individual or business transferring a right or benefit to another person or business. ...
Have a question or comment?
We're here to help.