on a land contract,is the closing the same as if you had a loan? Do I record the contract and go to a closing

In Buying Property - Asked by David S. - Jun 15, 2009
Report Abuse
Answer this Question

Answer(s)

Martin V.
Broker/Agent
Durant, OK

It may depend somewhat on the state in which the property is located. In CA, for example, it is common to record a land contract. To not record it would invite disaster. If not recorded, the seller could borrow against the title, leaving you with a worthless piece of paper. Recording the contract gives notice to the world that you have an interest in the property and a superior interest to any new loans or liens.

Jun 15, 2009
Report Abuse
Joshua O.
Broker/Agent
Madison Heights, MI

Yes, record the land contract or a memo of land contract to give the world notice. Yes, closing on the land contract is pretty much the same as a loan but less paperwork. Prorations and adjustments need to be calculated for the day of closing for the buyer and seller.

Jun 18, 2009
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question