Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Land Contract Agreement?
What are some things that a buyer needs to be wary of when entering into this type of pruchase agreement? Is there anyway to ensure that the payments made are paid to the original lender? What protection does a buyer have if the loan is defaulted on or not taxes are paid and the buyer has met all obligations to the contract? What happens if the owner gets a lein on the property due to being sued or whatever - what protection does the buyer have? Are there ways to work protection to the buyer into the contract? I will get a lawyer to review any contract before I sign it...however, I have no idea what this is all about and am just looking for general information? Thanks Guys!
1 Answer
- 1 decade agoFavorite Answer
When buying property there usually is an abstract and each time it changes hands the abstract must be brought up to date. Usually an abstract co will do a search of everything about the property and an attorney that specializes in real estate will read and guarantee the abstract is clean. Sometimes if there is no abstract (first time on market or always in one family) there are quitclaim deeds. These are not as safe as a up to date abstract.
We bought a small parcel of land that bordered our property and the cost of building a abstract was more then the people wanted for the land ( Seller pays for bringing all paperwork up to date). So being it was such a small piece we excepted a quitclaim deed.
Do a google on real estate laws in what ever state your in.