What Is a Land Sale Contract?
A land sale contract is a purchase agreement, whereby the property owner agrees to sell the property to the buyer upon completion of payment installments. The buyer takes possession of the house while making consecutive payments toward the total purchase.Contract DescriptionThe contract stipulates the obligations of the purchaser and the seller. It includes the rights of each party and the consequences of a default. The purchase price, taxes and insurance are incorporated into the contract. Most land sale contracts are signed by both parties and notarized.AgreementThe seller agrees to sell the property to the buyer, and the buyer agrees to make periodic payments toward the total purchase price. The description of the land on the contract must be the same as the description on the deed to the property.Payment AgreementThe land sale contract contains the total purchase price, the payment arrangements and any interest rates.Duties of the PartiesThe buyer has an obligation to keep the prop
