This is a form of Contract For the Sale of Land.
Kansas Contract For Sale of Land
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FAQ
The advantages of a land contract to the buyer are that it provides an ownership interest in the real estate, which helps to quickly build equity in the property and good credit history. A major disadvantage is that the buyer is almost always responsible for structural and mechanical repairs to the house.
Unlike some states, Kansas law does not require a standardized seller property disclosure form, although real estate agents often use a form designed to encompass standard disclosures. A potential buyer should always carefully review each item in any disclosure statement provided by a seller.
Statute of Frauds: A statute which requires certain types of contracts to be in writing in order to be enforceable.
Sales of real estate fall under the Statute of Frauds, and so all contracts for the sale of a home must be in writing.
Formal Versus Informal Contracts The contract contains an offer for some type of good or service, an acceptance of the offer, and consideration, or payment, for the goods or service delivered. An informal contract, by contrast, does not have to be signed or even written.
A Kansas land contract is a legal document enabling a buyer and seller to execute the purchase and sale of land. The contract includes all the transactional terms, such as the stipulated purchase price and any financial contingencies the parties wish to add.
Any purchase agreement should include at least the following information:The identity of the buyer and seller.A description of the property being purchased.The purchase price.The terms as to how and when payment is to be made.The terms as to how, when, and where the goods will be delivered to the purchaser.More items...?
What is included in the contract?The names of the vendor and purchaser.The address of the property.The deposit amount and due date.The sale price.The date of the property settlement and whether there are any conditions.Whether the property is available as 'vacant possession' or 'subject to a lease'More items...
As a type of specialty home financing, a land contract is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full.
The bottom line is: Real estate contracts must always be in writing in order to be enforceable. While laws may vary from state to state, most states have a Statute of Frauds that applies.
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