December 19, 2016
In an ordinary house or land sale, the title is put in the
buyer’s name on the date of sale. But with an Installment Land Sale Contract,
the buyer doesn’t get the title to the land until all payments have been made. No
down payment, no bank delays, no closing costs, no lawyer fees. Just move in and start paying and when you
pay it off, they’ll give you the title.
Sometimes that deal works out fine. But sometimes this can go horribly wrong, leaving the buyer with nothing. When it all falls apart, it may be too late to get what you paid for. The time to protect yourself is at the front end, when you’re working out the agreement. The Legal Aid website has an article titled Installment Land Sale Contracts that can help with drafting the agreement and show you how to protect yourself.
Different cases have different circumstances and
complications. The information on our website is to help you understand the
issues that may come up in a creditor or bill collector harassment case and is
not intended to address every possible situation.
Disclaimer: This is general legal information. For more guidance about your situation, please contact Legal Aid online at http://www.lawv.net/Get-Help/Apply-for-Help by phone at (866) 255-4370, or talk to a private attorney.