Learning About Land Contracts: The Basics
There is no better place to start to learn about something new than from the very basics. The building blocks of any subject help us build upon our base of knowledge of that subject. Today, we want to learn some basics of land contracts that any real estate lawyer Bellingham would need to know. You might not be a Bellingham real estate attorney yourself, but there are likely still some important nuggets of information contained within land contract law that you might want to know about regardless.
Defining A Land Contract
Land contracts in their simplest form are a written agreement between individuals or entities that spells out the terms for exchange of that land or property from one entity to another. The purpose of having a written land contract is to ensure that all parties are on the same page from a legal perspective. Any good real estate attorney Bellingham WA knows that it is better to have important things like this written down somewhere rather than leave anything to chance. There is too much margin for error when human beings get together and attempt to strike deals that are not completely clear.
The buyer and seller both side a land contract and agree to the terms. Obviously, it is highly important to read over those terms very carefully to make sure they are completely understood and that everyone is getting the deal that they think they are getting by signing up for this contract. A good Custer real estate attorney will help their client work through these issues so they are best able to see specifically how the contract will impact their side of the transaction.
How These Contracts Benefit Both Sides
Why would a buyer be interested in a land contract when making this kind of purchase or engaging in this kind of transaction? The answer is because they may have a less than perfect credit history that they require some assistance with. A land contract may help them bypass some traditional barriers to entry as it where when it comes to purchasing land. They might be able to avoid going to a bank at all for assistance, and that is highly appealing to someone who has credit that is spotty. They can actually get the land that they need with the help of someone like Dean Prather ESQ PLLC and make the most of the transaction. Sometimes it really is about getting a highly experienced individual who can cut through the red tape and help you complete a transaction as desired.
Sellers benefit from striking up a land contract with another party because they are often able to demand a higher price for the land than they might otherwise get simply because they are taking this alternative route. In other words, the seller might be able to get more for their property because they are more flexible than many other sellers in the market. Of course, they should also speak with a real estate lawyer Custer before moving forward with any particular transaction as they need to ensure that it meets all of their needs from a legal point of view. Failure to do so may mean selling land for less than what they could otherwise get for it. That is unacceptable, and it is better to spend the necessary funds to get help from a real estate lawyer Custer instead.
Overall, land contracts are an interesting legal instrument that can provide upsides to everyone who uses them. They are ideal in many situations, but it is important to understand what those situations are before assuming that they apply to your case. Always check in with lawyers with real experience in this area of the law before taking any steps towards signing any legal documents.