Land installment contract definition
Land installment contract or "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. Bona fide option contracts for the purchase of real property, in which the vendee does not live in the property during the period during the option period, are not land installment contracts.
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.
Land installment contract or "contract" means an executory agreement which by its
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.
More Definitions of Land installment contract
Land installment contract means an executory agreement which by its terms is not required to be fully performed by one or more of
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.
Land installment contract means an executory agreement 17
Land installment contract means an executory agreement 16
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.
Land installment contract means a legally binding executory agreement under which: