: These contracts often include a forfeiture clause . If a buyer misses even one payment, the seller may have the right to cancel the contract, regain possession, and keep all previous payments. Key Components of the Contract
: Specifics on who is responsible for property taxes, insurance, and maintenance/repairs. contract to buy land
: Full names and addresses of the vendor (seller) and vendee (buyer). : These contracts often include a forfeiture clause
: In a land contract, the buyer takes immediate physical possession and use of the property. However, the seller retains the legal title until the final payment is made. The buyer typically holds equitable title during the payment period. contract to buy land
: A detailed legal description matching the official survey plan.