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
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Martin V.
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
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Joshua O.
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
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