Easily Remove Date into the Land Contract

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How to Remove Date into the Land Contract

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welcome back to this five-part video series about how to structure and buy real estate using creative financing this is video three in the series and on this video Im going to show you everything you need to know about structuring and buying real estate using a creative financing strategy known as a land contract or contract for deed get ready to learn what it is the pros and cons and how to use it to make money in real estate coming up hey its Geryon or the nations leading expert on flipping real estate and if youre new here to make more money and less time flipping real estate so you can live your dream life subscribe to my channel click the bell I kind of get notified when new videos are released just to clarify so theres no confusion mortgage states use a land contract and trustee states use a contract for deed but its basically the same thing for ease of use on this video Im gonna just use land contract a land contract is another form of creative financing and its a type o

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What is a common document used to eliminate the lien of a land sale contract?

Both title companies and mortgage lenders will often require an affidavit of title as part of the sale of real property. If there is a lien on the title, the seller can choose to have the lien removed by satisfying the obligation prior to sale.

What are the requirements for a valid and enforceable real estate contract in Kentucky?

In Kentucky, a contract for the sale of real property must be in writing to satisfy the Statute of Frauds. Verbal negotiations or verbal contracts are not binding on either party. If you and the other party have agreed upon a price, etc., over the phone and one party changes his or her mind, there is no deal.

Can a buyer back out of a contract Kentucky?

If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. If the seller agrees to the offer and has not signed it yet, it can be rescinded. ing to Kentucky law, buyers may also cancel their purchase for a full refund until midnight of the third business day after the sale.

How do land contracts work in Kentucky?

A Kentucky land contract establishes the terms and conditions of a vacant land purchase agreement between two parties. The terms stipulated on the contract range from financial provisions, such as the agreed-upon purchase price and any monetary contingencies, to the lands legal descriptors as they appear on the deed.

What happens if a buyer defaults on a land contract in Kentucky?

If the borrower defaults, the lender has a remedy: to foreclose on the property. However, for some would-be home buyers, obtaining financing for the purchase of real property is not an option. Some prospective purchasers may have bad credit (or no credit) and/or no one to co-sign on a loan for them.

Which of the following statements about evicting a buyer who defaulted on a land contract in Kentucky is true?

Put simply: You cant evict the buyer under a land contract. The Kentucky Supreme Court has ruled that a default on a land contract must be treated like a default on a mortgage debt. In other words, the owner must file a foreclosure action and the property will be sold at a judicial auction.

What does remove contingency mean?

Removing the loan contingency means you agree to pay the purchase price for the property even if you dont have a home purchase loan. You should only remove the loan contingency in a purchase agreement if youre a cash buyer or are absolutely certain you will obtain financing.

What are the three essential terms in a land contract?

These are the typical terms in a land contract: Name and address of all parties. A description of the property. Acknowledgement of the person who owns the property.

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