Easily Replace Smart Field into the Land Contract

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How to Replace Smart Field into the Land Contract

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- Hey, whats up guys? In this video, were going to talk about the land contract and how it works for real estate investors. Okay, lets get started. (cheerful music) All right, the land contract or another name for it is contract for deed, is an alternative to the installment sale. Now, if youre not familiar with these terms, Ill just break them down for you. When youre engaging in an installment sale, So if I was going to sell a piece of property in an installment sale to this buyer right here, what Im essentially doing with my, my, my property, when I sell it to them is Im acting as the bank on this deal. So this buyer will pay me money every month okay, just like you would on a mortgage, it would come back to me on a monthly basis. And so Im carrying the contract essentially, when I sold this property on an installment sale. Now in this scenario in an installment sale, the buyer becomes the title holder of the property all right. So, so the property is now transferred into t

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What are the disadvantages of a land contract?

Disadvantage #1: The title does not automatically pass to the purchaser in a land contract. Disadvantage #2: The seller could be held legally responsible for inspection issues with local or state authorities. Disadvantage #3: Forfeiture of a land contract by the purchaser is a fairly common occurrence.

What is another name for a land contract?

Also known as a contract for deed, land-installment contract, bond for deed, bond for title or agreement for deed, a land contract is a form of seller financing that may appeal to buyers or sellers who want an alternative to a traditional mortgage.

What does landed a contract mean?

A land contract is an agreement between a buyer and seller pertaining to a specific tract of land. Developers advertise and sell tracts of land similar to the process of selling a real estate property.

What does to land a contract mean?

A land contract is typically between two parties: the buyer sometimes referred to as the vendee and the seller, also known as the vendor. In a land contract, the seller agrees to finance the property for the buyer in exchange for the buyer meeting the terms agreed upon in the land contract.

Is there a way to get out of a contract where the seller of land made a promise to hold open the offer for sale?

If there is a promise to hold the offer open but no specific time period is laid out, the offer cannot be revoked for a reasonable amount of time. However, whether the time period is specifically laid out or not, an offer cannot be held open for longer than three months.

What is a land contract Florida?

An agreement for deed is often referred to as land contract. This arrangement is where a seller provides owner financing to a buyer. In turn, this allows a buyer to make monthly payments to the seller (instead of a bank). The seller will transfer the property title once receiving a certain amount of money.

What is the main disadvantage of a land contract to the seller?

Disadvantage #1: The title does not automatically pass to the purchaser in a land contract. Disadvantage #2: The seller could be held legally responsible for inspection issues with local or state authorities. Disadvantage #3: Forfeiture of a land contract by the purchaser is a fairly common occurrence.

What is the other term for land contract?

Also known as a contract for deed, land-installment contract, bond for deed, bond for title or agreement for deed, a land contract is a form of seller financing that may appeal to buyers or sellers who want an alternative to a traditional mortgage.

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