Understand a Land Contract

Understanding a land contract is not only important in passing your real estate exam but it is also a important concepts to understand as you become a real estate salesperson.
Go to prepagent.com for my real estate concepts made simple.

[@albertdiodonet8795]

Thank you for being a huge support for me I passed my real estate exam yesterday couldn't have done it without you let me know if there's anything I could do in return

[@mariaguild2024]

So good!! taking hard legal concepts and making them fun and easy to understand!

[@museti-zd2ee]

Brilliant! thank you for making it simple!

[@christinarobles6080]

Doesn’t he always

[@rubybarbiemiles3561]

Thank you for making it simple and easy to understand

[@SuperMillie1969]

Thank you Joe for this helpful video.I appreciate it❤️😇🙏🏻🇺🇸

[@gmosw]

Beautifully simple! Question, how would you pay the Realtor who worked with both buyer & seller?

[@TanganyikaRena]

You made this soooooooo freakn simple...thank u so MUCH

[@2159money]

awesome video, made it simple I know I'll be passing my exam tomorrow thanks to your videos!

[@esthertorres5397]

Simple and on point!

[@kc-gl9wv]

In the first case scenario where the buyer makes direct payments to the seller. Can the seller charge an interest rate?

[@njcamocutie7085]

so basically if you default on payments it was like you were just leasing the land!!! I did have a question, if you have a contract for deed set in place with seller are you able to still move on property and move on dwelling on it or does this only take place when paid in full....

[@jeffrobins7494]

Thanks for great videos. Question: What is difference from this "land contract" and a "purchase money contract"?

[@antoinettebridgford9395]

A land contract is also known as a “contract for deed”, “an agreement to purchase and sell”, or a “land installment contract”.

[@RonellSimmons]

​@@antoinettebridgford9395so it's All in the SAME,THEN!!!!!?

[@RonellSimmons]

​@@antoinettebridgford9395??

[@sweetangel4761]

you are just simply amazing Joe .... Thank you so much.

[@maryleavins9273]

Brilliant ! Thanks !

[@RonellSimmons]

You're the best buddy😊

[@brandydenson7345]

What happens if the seller has a lien against the property and then he or passes away before the balance has been paid?

[@deegodess2553]

Thanks for making it Simple 👍 Amazing ❤️

[@MortgagebyAdam]

On point. Love this. Thank you!

[@dougwahr4086]

Do you know of software or an excel template for tracking land contract payments?

[@josebarbosagarcia550]

excellente!

[@ralphguerrero518]

So I bought a 5 unit apt building on land contract lets call that LC1...I want to refinance another single family home I have on land contract lets call that LC2. LC2 will be my primary residence. Does LC1 show up anywhere as me having a mortgage or owning a it or purchasing it. Currently it does not show up on my credit report.

[@blackpinkcoins2620]

background music is too loud in this, it does not let to understand the concept, otherwise I am big fan of prep agent

[@rosenorwood2673]

So is this the same as purchase money mortgage?

[@moecrum5728]

Yes. But remember I, purchase money mortgages can apply to any type of funding, not just for self and financed by seller.

[@goodgirls5346]

Can I buy a house and the land that the house is already built on together here in Florida?

[@toocatholic]

If you were selling your house for $40,000 what would be a reasonable down payment for selling your house on a land contract and do you charge the buyer interest

[@alexanderkucinich3753]

I would require 25% down at 5% interest with a two year balloon payment.

[@brownlove247]

Awesome Job!!!

[@jmerazvisuals8153]

nice

[@derekblades]

How do you cover taxes and insurance in a land contract

[@bkreadr2147]

What if the title holder dies before the property is paid off?

[@misunderstoodkj]

Then it will be passed down to the next of kin after probate settlement.

[@joshappens]

Is this not the same as lease option Pete ???

[@josephvallejo2094]

this is in some case the same as rent to own

[@josievaldez1672]

What is installment sale?

[@faheemabbas2011]

exellent!! thank you!

[@nicolakhan3315]

Raw land is what type of contact

[@valiantthor2215]

so trustor to trustee or vendor to vendee?

[@mattmoss6720]

"I hope that help"

[@ngentles399]

Is land contract bilateral or unilateral?

[@mattmoss6720]

Bilateral - because it involves two parties making promises to each other. The seller is promising to give the property after the payments are made, and the buyer is promising to make all the payments in a certain amount of time. I remember bilateral and unilateral by thinking of bicycles and unicycles. Bicycles = 2 wheels, unicycles = 1 wheel (hope i'm actually correct on this)

[@Thecat-z9i]

Thank you! I notice this video was going to fast for me, like speaking Spanish.lol

[@Thecat-z9i]

Joe, thank you! Passed last Wednesday first time! I do miss listening to your videos now..lol

[@johnv6818]

Nicely done, but get someone to do your voiceover work for you.

[@Realist968]

I don't like the extra animations. Wiggling here and there. Just a distraction.