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And what are the laws when the contract is executed in another state or foreign country?

Although land contracts can be used for a variety of reasons, their most common use is as a form of short-term seller financing.

Since the amount of the final payment is so large, the buyer may obtain a conventional mortgage loan from a bank to make the final payment.

Real property may also be determined to include whatever is beneath the surface of the land, like minerals, natural gas, and old; also any rights to the use of the property and finally leasehold improvements (since they cannot be removed.) Leasehold improvements (sometimes referred to as “build-outs”) are the structural changes you make to leased space to make it suitable for your business needs; for example, lighting changes, a reception area, offices, dressing rooms, and other special rooms or partitions as well as paint and carpeting/flooring.

Real property is distinguished from personal property, which is other property owned by a business or individual, including equipment, furniture and fixtures.

With a land contract the seller provides financing to buy the property for an agreed-upon purchase price and the buyer repays the loan in installments.

Under a land contract, the seller retains the legal title to the property, while permitting the buyer to take possession of it.

When a third party lender, such as a financial institution, provides a loan, this third party has its own interests to protect against the other two parties involved, the seller and buyer.

Establishing the correct title and value of the property to be used as collateral is important to the lender.

It is a misconception that sellers and buyers in a land contract do not agree on terms in advance.

It is important to look at your state law concerning land contracts as each state has its own set of rules for example does the execution of the contract have to go before a judge or a notary public?

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