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A land contract is a form of seller financing. It is similar to a mortgage, but rather than borrowing money from an institutional lender or bank, the buyer agrees to take ownership of the property and then make payments to the real estate owner or seller until the purchase price is paid in full.
Title-related fees: In Tennessee, the buyer often pays for both the owners and the lenders title policy, which protects in case of ownership issues related to the homes title. There will also likely be a fee for a title search.
The Tennessee Land Purchase Agreement is a legal document that must be properly filled out in order to complete a successful sale of land in Tennessee. The buyer and seller must both initial each page and sign the agreement. The buyer should provide their name and address, along with a description of the property.
A Tennessee land contract is used to transfer ownership of vacant land from the seller to a buyer. The contract contains all terms and conditions regarding the sale, including the agreed-upon purchase price and a legal description of the property as it appears on the deed.
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