There are several specific steps a Buyer and Seller must take after the final payment is made on a Land Contract to complete the ownership transfer process.
Land Contract Questions
Answers to Frequently Asked Land Contract Questions
What Happens to a Land Contract When the Buyer Dies Without a Will?
State law prevails in a situation when the Buyer in a Land Contract dies before the completion of that contract and has not made a Last Will and Testament.
Deciding Between Land Contract vs Lease-to-Own Contract
Is it better for a buyer or seller to purchase a property under a Land Contract or a Lease-to-Own Contract?
Is a Land Contract Still Valid if One of the Two Sellers Dies?
Depending on the way that the two Sellers held title to the property, and depending on the laws of the state where the property is located, the contract to sell the property should still be enforceable by the Buyer.
Is a Truth in Lending Form Required with a Land Contract?
The Truth in Lending Act (TILA) applies to Land Contracts to the same extent that it does to other home-secured loan. But that does not mean a form is always required.
What Happens with Land Contract Heirs if the Seller Dies?
If the Seller in a Land Contract dies before the contract payments are made and the property title transfers, how the Land Contract document itself is written has a significant effect on the process.
Can a Land Contract Buyer Compel a Seller to Make Mortgage Payments?
If a Seller in a Land Contract does not fully own the property under contract, often a mortgage is involved through a third party lender. And if that Seller doesn’t make the required mortgage payments to the lender even though the Land Contract Buyer is paying the Seller, it can put the property in financial jeopardy.
But the Land Contract Buyer does have some options to overcome this situation.
Can a Land Contract Seller Use the Property as Collateral?
Under a Land Contract, the ‘Seller’ still holds an interest in the property until the contract is fully paid. At times, that Seller may wish to use the property as collateral for a loan or other interest. But is it legal for the Seller to use a home currently under Land Contract as collateral?
Can a Buyer Pay Off a Land Contract Early?
A well-drafted Land Contract explicitly outlines the payment obligations within the document. (If the Land Contract you are using does not, next time get Land Contract documents from Standard Legal!)
What Documents Seller-Finance a Mobile Home Property Sale?
Most states treat a mobile home as personal property, not real estate. The land must be treated separately from the mobile home itself.
Given that, to sell a mobile home using seller-financing, two different documents must be prepared to handle the two sides of such a transaction: a Personal Property Lease for the mobile home, and a Land Contract for the ground on which it sits.