MORE ON LAND CONTRACTS

JIM SPANGLER CRS GRI

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LAND CONTRACT

The Land Contract also known as an "Installment Contract" or in some parts of the country, "Contract for Deed" is designed as an agreement between the Seller and the Buyer for the purchase of real property in which the payment of all or a portion of the purchasing price is deferred. The purchase price may be paid in installments over the period of the contract, with the balance due at maturity. When the Buyer completes the required payments, the Seller must deliver good legal title by the way of a deed. During the period of the contract, the Buyer is making the installment payments on the purchase price, the Buyer is entitled to possession of the property and equitable title to the property while the Seller holds legal title and continues to be liable for payment of any underlying mortgage.

The Buyer may assign and convey His/Her Interest in this Contract or any part thereof provided, however, that such assignment or conveyance should not result in any impairment of Seller's position. Under no circumstances shall any assignment or conveyance release Buyer from His/Her obligations under this Contract unless Seller releases Him/Her in writing.

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