If the buyer defaults on the land contract, or fails to make the monthly payments to the seller as required, the seller can file a court action called land contract forfeiture. Forfeiture will result in the buyer “forfeiting,” or giving up, all money paid to the seller for the property pursuant to the land contract…
Land contracts may be a good, or sometimes the only, option available to buyers and sellers of real estate. Real estate rules vary by state, so it is important to consult with an experienced real estate attorney to draft a land contract in order to allow for appropriate terms and to be able to enforce…
Investing in vacant land may have decreased in popularity in recent years, but high property prices and a competitive market could lead more buyers to reconsider this option in future. “Buying a vacant plot, paying it off and then saving up to build used to be a great way for buyers to get a foot…