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Simple English definitions for legal terms
land contract
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A quick definition of land contract:
A land contract is an agreement between two or more parties that creates obligations that are enforceable by law. It is a written document that sets forth the terms of the agreement. A contract can refer to three things: the actions taken by the parties to create new legal relations, the physical document that serves as evidence of the agreement, and the legal relations that result from the agreement. A contract is a promise or set of promises that the law recognizes as a duty, and if broken, the law provides a remedy. A land contract is a type of contract that pertains to the sale of land.
A more thorough explanation:
A land contract is a type of contract for deed that involves an agreement between two parties for the sale of a property. It is a legal document that creates enforceable obligations between the buyer and seller.
For example, if John wants to sell his house to Jane, they can enter into a land contract. John agrees to sell the property to Jane, and Jane agrees to make payments to John over a specified period of time. Once Jane has made all the payments, she will own the property outright.
The land contract sets forth the terms of the agreement, including the purchase price, payment schedule, and any other conditions that the parties have agreed upon. It is a binding contract that can be enforced in court if either party fails to fulfill their obligations.