Highlight In Legal Maryland Contract For Deed Forms For Free

An Oregon land contract establishes terms governing the sale of vacant land between two parties. The parties, a seller and purchaser, must create the document with all applicable terms surrounding the sale, such as the agreed-upon cost and any extra financial contingencies.

The Statute of Frauds dictates that a contract for the transfer of an interest in real estate must be in writing and must be signed by the party against whom the contract is being enforced. Otherwise, the contract is unenforceable.

Contract for deed is a contract for the sale of land which provides that the buyer will acquire possession of the land immediately and pay the purchase price in installments over a period of time, but the seller will retain legal title until all payments are made.

On such a sale, Oregon law requires that either the land sale contract or a memorandum of the contract must be recorded within 15 days after the signing of the contract. As to long-term leases, another Oregon law permits (but does not require) the recording of the lease or a memorandum of the lease.

If a judgment of possession is granted, the buyer has 90 days to redeem the property if less than 50% of the purchase price has been paid or 6 months to redeem if 50% or more of the purchase price has been paid. The redemption amount is the amount that is past due. MCL 600.5744(4).

Every conveyance, deed, land sale contract, assignment of all or any portion of a seller's or purchaser's interest in a land sale contract or other agreement or memorandum thereof affecting the title of real property within this state which is not recorded as provided by law is void as against any subsequent purchaser ...