Land installment contract definition

Land installment contract means an executory agreement which by its terms is not required to be fully performed by one or more of the parties to the agreement within one year of the date of the agreement and under which the vendor agrees to convey title in real property located in this state to the vendee and the vendee agrees to pay the purchase price in installment payments, while the vendor retains title to the property as security for the vendee's obligation. Option contracts for the purchase of real property are not land installment contracts.
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Land installment contract means an agreement under which the vendor agrees to sell an interest in property to the purchaser and the purchaser agrees to pay the purchase price in 5 or more subsequent payments exclusive of the down payment, if any, and the vendor retains title to the property as security for the purchaser's obligation under the agreement. Land installment contracts do not include option contracts for the purchase of real property or purchase and sale agreements entered into with the good faith expectation of a separate transaction in which a 3rd party or the seller agrees to finance the purchase price in a single installment. [PL 1983, c. 368 (NEW).]
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Land installment contract or "contract" means an executory agreement which by its
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Examples of Land installment contract in a sentence

  • Land installment contract" means an agreement under which the vendor agrees to sell an interest in property to the purchaser and the purchaser agrees to pay the purchase price in 5 or more subsequent payments exclusive of the down payment, if any, and the vendor retains title to the property as security for the purchaser's obligation under the agreement.

  • Land contracts can go by many names: Land contract of sale Land sale contract Real estate sales contract Land installment contract Installment sales contract Agreement to convey Agreement for purchase and sale Contract for deed Articles of agreement for warranty deed Executory contract Contract for sale Poor man’s mortgage Under a land contract, the buyer does become the owner once the land contract is signed.


More Definitions of Land installment contract

Land installment contract means a legally binding executory agreement under which:
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Land installment contract means an executory agreement 17
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Land installment contract means an executory agreement 16
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Land installment contract means an executory agreement which by its terms is not required to be fully performed by one or more of
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Land installment contract means any agreement, oral or written, in which you agreed to sell an interest in real property to a purchaser and the purchaser agreed to pay the purchase price in five or more subsequent payments exclusive of the down payment, if any, and you retained title as security for the purchaser's obligation.
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Land installment contract means a contract under which the Declarant or an Owner agrees to sell or otherwise convey a Unit or other real property interest in a Unit or any portion thereof to a buyer and that buyer agrees to pay the purchase price in subsequent payments and the Declarant or Owner retains title to the Unit as security for the buyer's obligation under the Contract. The Declarant or Owner may assign its rights under the Contract to any third party.
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Related to Land installment contract

  • Term contract means contracts established by the chief procurement officer for specific supplies, services, or information technology for a specified time and for which it is mandatory that all governmental bodies procure their requirements during its term. As provided in the solicitation, if a public procurement unit is offered the same supplies, services, or information technology at a price that is at least ten percent less than the term contract price, it may purchase from the vendor offering the lower price after first offering the vendor holding the term contract the option to meet the lower price. The solicitation used to establish the term contract must specify contract terms applicable to a purchase from the vendor offering the lower price. If the vendor holding the term contract meets the lower price, then the governmental body shall purchase from the contract vendor. All decisions to purchase from the vendor offering the lower price must be documented by the procurement officer in sufficient detail to satisfy the requirements of an external audit. A term contract may be a multi‑term contract as provided in Section 11‑35‑2030.

  • Date of Contract means the date on which notification of award of contract/letter of award/telex award has been issued.

  • Applicable Contract any Contract (a) under which the Company has or may acquire any rights, (b) under which the Company has or may become subject to any obligation or liability, or (c) by which the Company or any of the assets owned or used by it is or may become bound.

  • Lease Payment means any form of payment, including a land lease, by a public entity to the private entity for the use of a qualifying project.