Do you need a lawyer to help you with an Ohio Land Contract? A land contract or a contract for deed is a contract between the seller and purchaser of a real property.  In an installment sale land contract, the seller, or also known as the vendor and the buyer or vendee, enters into an agreement for the financing of the sale of the property. The vendor will accept a negotiated financing of the property to the vendee. The vendor will retain legal title to the property and the vendee retains an equitable title.

Are you involved in a contract for deed and need a lawyer for an Ohio land contract?
Contact the law office of Tomb Roberts & Bucio, LLP, to handle the Ohio land contract for you today.

Some of the benefits of a land contract or contract for deed to the vendee are as follows:

Fast closings - Usually a contract for deed may close in as fast as seven days.
Low closing costs - There are no lending fees.
Term of contract - The term of the contract and the interest rate and the payments are negotiable.
No qualification - Although the seller may require there be a credit report drawn, it isn?t required.
 
The benefits to the vendor are:

High sale price - The sale price is typically higher since the property is independently financed.
Deferred tax gain - The sale may qualify as a deferred taxable gain.
Fast closing - Usually a contract for a deed may close in as fast as seven days.
Simplicity - In non-conforming properties the sale is relatively easy.

Though there are many benefits to the use of land contracts, there are potential pitfalls that both parties need to be fully aware of before venturing into a contract for deed or land contract agreement.  In the event that the potential purchaser or vendee may lose the right to have the deed transferred, the vendor may choose to keep the money for the purchase as rent. At that point, the vendor may have no obligation to the vendee to transfer the deed.

Another disadvantage is that if there is a mortgage on the property and the vendee pays off the property before the vendor has satisfied the mortgage, then the property may be subject to foreclosure unless the vendee is willing to pay off the difference of the mortgage. The vendor may have no obligation to pay off the mortgage.  When determining the details of a land contract it is very important to have a skilled and qualified attorney review and possibly negotiate the conditions of the contract. If you are involved in an Ohio land contract the law office of Tomb Roberts & Bucio, LLP, will be able to answer any questions regarding the contract for you.

Are you involved in a contract for deed and need a lawyer for an Ohio land contract?
Contact the law office of Tomb Roberts & Bucio, LLP, to handle the Ohio land contract for you today.