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REQUEST FOR LAND CONTRACT STATUS To: Land Contract Seller: From: Land Contract Purchaser: Re: Property Address: We wish to know the remaining balance of our Land Contract. Please furnish the following
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Real estate concentrate simple go to preppy calm a land contract is a written legal contract or agreement used to purchase real estate such as making land a house apartment building commercial building or other real property in a land contract the buyer makes payments to the seller until the purchase price is paid in full this makes it a form of seller financing the land contract functions as a security device a buyer and a seller sign the land contract covering greed upon terms and conditions of the sail upon satisfaction of all contract terms and conditions including payments of the purchase price over a specified time period the legal title of property transfers from the seller to the buyer by way of a deed used to convey title remember adidas evidence of the transfer so wire land contracts used one possible reason is the buyer may be interested in the real estate for sale but because of their credit history or some other reasons they cannot obtain approval for a loan from the bank in that situation the parties can use the land contract and the buyer will make monthly payments directly to the seller taking the need from approval from the bank out of the equation in this case the seller would not receive the full purchase price up front as if the buyer took out a loan for the bank or if they paid it all in cash however by the seller extending the offer of the possibility of a sale via a land contract they're casting a bigger net for potential buyers and may be able to negotiate a higher purchase price on the property so when does the buyer become the new owner when using a land contract when a buyer gets a loan for the bank they become the owner and the seller moves on with their lives correct well not exactly when you get along with the bank you do not outright own the property the bank still has legal title until the loan is paid off and it reconveyance deed or some equivalent that thereof is issued remember in this situation the sellers functioning as the lender and will maintain legal title and the buyer will get equitable title to understand this a bit more we need to review what is legal title and equitable title I always like to simplify it by saying legal title is right to sell equitable the right to use and possess another way to say it is that equal title is the right to obtain full ownership of the property where another maintains legal types of the property legal title is the actual ownership of the property when a contract or the sale of a land is executed equitable title passes to the buyer when the condition the sale contracts have been met legal title then passed to the buyer with that definition mind while the buyers making payments the seller the buyer is considered to have equitable title to the property as an equitable title holder the buyer is an interest in the property and the seller cannot sell the property to a third party or put another lean or encumbrance that would in fear with the buyers interest in the property...