Akron Ohio Partial Satisfaction and Release of Land Installment Contract

• Category: Ohio Real Estate - Contracts
• State: Ohio
• City: Akron
• Control #: OH-LR042
• Format: Word; Rich Text

Description

This form certifies the release of the described property from the lien of the land installment contract for payment to the Vendor and allows the county recorder to partially release the property of record. Akron Ohio Partial Satisfaction and Release of Land Installment Contract is a legal agreement that addresses the partial satisfaction of a land installment contract in Akron, Ohio. This contract is commonly used in real estate transactions to grant partial release or satisfaction of the contract terms. In an Akron Ohio Partial Satisfaction and Release of Land Installment Contract, the relevant parties involved are the buyer, who is the purchaser of the property, and the seller, who is the current owner of the property. The contract outlines the details of the original land installment contract, including the purchase price, terms of payment, and agreed-upon schedule. The purpose of this contract is to provide a mechanism for a partial release or satisfaction of the land installment contract. This typically occurs when the buyer has made substantial payments towards the purchase price and requests a release of a portion of the property while continuing to pay for the remaining portion. It allows the buyer to obtain ownership rights to a specific portion of the property, while the seller retains ownership of the remaining portion until the full purchase price is paid. Some common keywords and clauses associated with Akron Ohio Partial Satisfaction and Release of Land Installment Contract: 1. Purchase Price: The total amount agreed upon between the buyer and seller for the property purchase. 2. Payment Schedule: The agreed-upon terms and schedule for the buyer to make payments towards the purchase price. 3. Partial Satisfaction: The release of a portion of the property from the land installment contract, typically granted when the buyer has made substantial payments towards the purchase price. 4. Release of Lien: A clause stating that upon partial satisfaction, the seller releases any liens or claims on the portion of the property being released. 5. Legal Description: A detailed and accurate description of the property being conveyed, including boundaries, lot numbers, and any other relevant details for identification. 6. Default and Remedies: Outlines the consequences of default on payment by the buyer and the remedies available to the seller in such circumstances. It is important to note that while these keywords and clauses are commonly found in Akron Ohio Partial Satisfaction and Release of Land Installment Contracts, the specific terms and conditions may vary depending on the agreement reached between the buyer and seller. It is always advisable to consult with a qualified attorney or real estate professional to ensure compliance with local laws and regulations.

Akron Ohio Partial Satisfaction and Release of Land Installment Contract is a legal agreement that addresses the partial satisfaction of a land installment contract in Akron, Ohio. This contract is commonly used in real estate transactions to grant partial release or satisfaction of the contract terms. In an Akron Ohio Partial Satisfaction and Release of Land Installment Contract, the relevant parties involved are the buyer, who is the purchaser of the property, and the seller, who is the current owner of the property. The contract outlines the details of the original land installment contract, including the purchase price, terms of payment, and agreed-upon schedule. The purpose of this contract is to provide a mechanism for a partial release or satisfaction of the land installment contract. This typically occurs when the buyer has made substantial payments towards the purchase price and requests a release of a portion of the property while continuing to pay for the remaining portion. It allows the buyer to obtain ownership rights to a specific portion of the property, while the seller retains ownership of the remaining portion until the full purchase price is paid. Some common keywords and clauses associated with Akron Ohio Partial Satisfaction and Release of Land Installment Contract: 1. Purchase Price: The total amount agreed upon between the buyer and seller for the property purchase. 2. Payment Schedule: The agreed-upon terms and schedule for the buyer to make payments towards the purchase price. 3. Partial Satisfaction: The release of a portion of the property from the land installment contract, typically granted when the buyer has made substantial payments towards the purchase price. 4. Release of Lien: A clause stating that upon partial satisfaction, the seller releases any liens or claims on the portion of the property being released. 5. Legal Description: A detailed and accurate description of the property being conveyed, including boundaries, lot numbers, and any other relevant details for identification. 6. Default and Remedies: Outlines the consequences of default on payment by the buyer and the remedies available to the seller in such circumstances. It is important to note that while these keywords and clauses are commonly found in Akron Ohio Partial Satisfaction and Release of Land Installment Contracts, the specific terms and conditions may vary depending on the agreement reached between the buyer and seller. It is always advisable to consult with a qualified attorney or real estate professional to ensure compliance with local laws and regulations.