A land contract template is written legal agreement which is used for the purchase and sale of a real property such as an apartment building, commercial building, vacant land or other real estate.
Land ownership transfer is a complicated process and it involves huge amount of cash, therefore, it is due diligent to get into a contract, to safe guard the interest of both parties. Usually the buyer and seller both signed the land contract covering agreed upon terms as well as conditions of the sale. In case of this template, the title or deed is held by the owner until the full payment is done. The major purpose of a land contract document is differentiates that the sale of a particular item or real property between a seller and purchaser.
Importance of Land Contract Template
It is very obvious that it is of great importance not only for buyer but also for seller. It is the best choice when the buyer is interested in a property but have some financial issues and buyer is willing to makes monthly payments directly to the seller, if seller is willing for such transaction. A part from this, it is an important contract which will be beneficial in case if the buyer failed to make payments or fails to make the monthly payments for a period of more than three (3) months to the seller under normal conditions. For the buyer this document is of extreme importance because due to this document the seller will not be able to sell the property further.
Details of Land Contract Template
Generally a land contract format can be considered as a special type of real property agreement. These documents can be easily written or modifies by any seller or buyer. However usually land contract can be used for numerous reasons; like it is a form of short term financing. When you are selling real estate property through land contract document, it can provide a quicker and less expensive way for the property owner to move the home. Further the property sold on this agreement can usually be priced higher than a sale done with bank financing. In some states, these agreements are also known as contract for deeds or deeds of trust.
