You should be thinking about how big it will be to deal with land purchasing processes especially if you are someone who is planning to buy or sell a property. Yes, it surely comes with involving a decision making process which might be stressful or time-consuming on the part of the seller and the buyer. However, if you haven’t experienced being in this situation before, you might haven’t had the chance to notice that there is a big legal component behind it. A land or any property can be sold anytime and can even be transferred from one person to another. That is why there must be an existence of a land sale agreement to ensure proper stimulation of the condition of the sale.
10+ Land Sale Agreement Samples
What is a land sale agreement? By definition, it means it is a legally binding contract between the buyer and the seller to be able to set out the terms and conditions used for selling and buying of the property. A land sale agreement must contain the following contents: title of the document, date of agreement, names and addresses of the seller, names and addresses of the buyer, description of the landed property such as plot, block number location, etc., selling price, signatures of both the buyer and seller, and the witnesses.
This has been an essential part in the transaction process wherein it allows you to make the process of sales manageable. The terms and conditions must be fully understood by the seller and the buyer and they must be obeyed all throughout the process until the sale deed has already been made. A sale deed is the document that is given to you at the time of the payment made by the buyer and during the actual transfer of the property.
1. Agricultural Land Sale Agreement
2. Village Land Sale Agreement
3. Vacant Land Sale Agreement
4. Unimproved Land Sale Agreement
5. Standard Land Purchase and Sale Agreement
6. Lot/Land Purchase and Sale Agreement
7. Vacant Land Real Estate Sale Agreement
8. Leased Land Purchase and Sale Agreement
9. Vacant Land Buy and Sell Agreement
10. Land Cash Sale Agreement
11. Forest Land Products Sale Agreement
There is also what we call a land contract wherein it carries out transactions with regards to the process to which a seller provides financing to the buyer. Why are these land contracts used? One of the primary reasons why it is used is because it has to facilitate any type of real estate transactions. A buyer might want to purchase a property but he or she is unable to obtain a loan from the bank. In this cases, the buyer can actually make use of a land contract wherein the buyer will be permitted to take possession of the property. He or she can make monthly payments to complete the entire transaction. This process is called monthly installment.
How to Write a Land Contract?
A land contract should have a complete information of the seller, the buyer, property, selling price, down payment, installment and balloon payments, length of contract, real estate taxes, property insurance, loan interest, late payment penalties, default procedures, and care and maintenance of the property.
What are the other names of a land contract?
It is also referred to as contract for deed, land installment contract, agreement for deed, installment sale agreement, and agreement to purchase and sell.
WHat are the types of land contracts?
It includes installment sale land contract, all inclusive or wraparound land contracts, straight contracts, and power of sale.
What are some of the pros and cons of using a land contract?
Some of the pros include:
- Land contracts have the ability to attract buyers because it makes it easier for buyers to afford the property.
- It has little or no money down.
- It has less strict financial standards.
- It has an easy route towards land ownership.
- The seller will be having a steady monthly income.
Some of the cons include:
- Buyers aren’t protected under the foreclosure laws.
- The buyer himself will be responsible for the care and maintenance of the property.
- The seller still keeps the title.
- The seller still has the right to make a cancellation of the contract if the buyer cannot pay the balloon payment on time.
- The seller will assume a great deal of risk.
If you want to see more samples and format, check out some land sale agreement samples and templates provided in the article for your reference.
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