A Land Installment Contract is a contract between a Buyer and Seller in which the Buyer will purchase the property in the near future, pursuant to the terms of the contract. Upon the payment of the purchase price, the title transfers to Buyer. Buyer typically takes possession of the property at the time of the contract. In some cases, the Land Installment Contract is a Seller financed deal in which title transfer upon final payment of the purchase price. The Seller may require Buyer to pay off the Note within 2 years or longer. Typically, Buyer will obtain traditional financing and pay off the Seller at the appropriate time, pursuant to the contract. The Land Installment Contract can be drafted for the benefit of the Seller or Buyer.

If you need legal representation in the drafting a land installment contract, contact Michael J. Anthony, Esq.