The Florida land contract attorneys at KALIS, KLEIMAN & WOLFE have been drafting land contracts and representing buyers and sellers for more than 25 years. They regularly assist individuals, investors and businesses when burying or selling a home or property; especially when a buyer cannot qualify for a mortgage. A land contract can be effective tool for acquiring a property with owner financing or to try and to preserve the existing financing.
A land contract (installment land contract or contract for deed) is financing tool whereby the seller and buyer agree upon the sale of a property under installment payments. They buyer pays the seller directly in installments rather than obtaining a mortgage from a bank or financial institution.
The property remains titled in the seller’s name until the buyer completes all payments under the contract; however, the buyer is allowed to remain on the premises as long as payments are made or until the property and full title is transferred over to them.
There are many pros and cons to utilizing land contracts. For example, the purchase price may exceed value of the home; entering into a contract may trigger a mortgage default; or the buyer may fail to secure the proper insurance or pay the necessary taxes. Due to these and other potential issues in a land contract, it is highly recommended that both the seller and the buyer hire an experienced real estate attorney to draft and implement the contract in order to protect their rights.
If you are a buyer or seller considering a land contract (installment land contract or contract for deed) and need guidance, contact the experienced Real Estate Attorneys at KALIS, KLEIMAN & WOLFE, the South Florida-based commercial litigation law firm today at (954) 791-0477.