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If a buyer fails to repay the owner financing, the recourse for a seller depends on the agreement. In a rent-to-own arrangement, for example, the seller might be able to start the eviction process.
An initial down payment from the buyer to the seller is usually also required. The legal status of land contracts varies between jurisdictions. [vague] Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract. In the usual more ...
The lease purchase agreement expounds upon what responsibilities the tenant/buyer and landlord/seller undertake during the course of the lease. This contract should describe any option fee and how much of the monthly payment will be credited to the down-payment for the purchase of the home at the end of the lease.
The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases (rental contracts) cover such rentals since they typically do not result in recordable deeds.
Buying land is different from buying an existing house — here’s what to know about land loans. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 ...
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