Legal Question in Real Estate Law in Pennsylvania
installment land contract
basically, we are in the process of buying a home. we are going to sign a installment land contract, pay the morgage, taxes, and insurance for up to one year. after that time we will then refinance for the rest. my question is how legal and safe is this and what happens if the seller backs out after the year is up.
1 Answer from Attorneys
Re: installment land contract
In order to properly protect your interest in the property, a memorandum of installment sale agreement should be recorded.
Generally, installment sales are not a good idea. If the seller is willing to wait a year, perhaps the seller should just sell the property to you, give you a deed, and take back a mortgage from you.
You should have legal representation, BEFORE signing anything, and you should have title insurance on whatever form of purchase you make.
Please consult an experienced real estate attorney in your area before doing this.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
