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However, if the buyer defaults on installment payments, the land contract may consider the failure to timely pay installments a breach of contract, and the land equity may revert to the seller, depending on the land contract's provisions. Since land contracts can easily be written or modified by any seller or buyer; one may come across any ...
A real estate contract is a contract between parties for the purchase and sale, exchange, or other conveyance of real estate.The sale of land is governed by the laws and practices of the jurisdiction in which the land is located.
Binder – In law, a binder (also known as an agreement for sale, earnest money contract, memorandum of sale, or contract to sell) is a short-form preliminary contract in which the purchaser agrees to buy and the seller agrees to sell certain real estate under stated terms and conditions, usually in the form of a purchase offer, and is ...
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Mortgage application fees, paid by the buyer to the lender, to cover the costs of processing their loan application. In some cases, the buyer would pay the lender the application directly and prior to closing, while in other cases the fee is part of the buyer's closing costs payable at closing.
The committee gathers information on all real estate deals (it is mandatory to send a copy of each notarial purchase contract to the Gutachterausschuss) and includes it in the Kaufpreissammlung (purchase price database). Most committees publish an official real estate market report every two years, in which besides other information on ...