Land Installment Agreement

Listing Results Land Installment Agreement

Frequently Asked Questions

• Can I get another installment agreement?

  You can request a new installment agreement online at the IRS website or by submitting Form 9465, but you must contact the IRS directly to add tax liabilities to an existing installment agreement. All agreements are subject to certain rules.

• What is a land installment contract?

  An installment contract (also called a land contract or articles of agreement for warranty deed or contract for deed) is an agreement between a real estate seller and buyer, under which the buyer agrees to pay to the seller the purchase price plus interest in installments over a set period of time.

• What do you need to know about land installment contracts?

  (D) Every land installment contract shall conform to the formalities required by law for the execution of deeds and mortgages. The vendor of any land installment contract that contains a metes and bounds legal description shall have that description reviewed by the county engineer.

• What happens if the Vendee of a land installment contract defaults?

  When the vendee of a land installment contract defaults in payment, forfeiture of the interest of the vendee under the contract may be enforced only after the expiration of thirty days from the date of the default.

• Can a vendor of a land installment contract file a quiet title?

  Chapter 5313. of the Revised Code does not prevent the vendor or vendee of a land installment contract from commencing a quiet title action to establish the validity of his claim to the property conveyed under a land installment contract nor from bringing an action for unpaid installments.

• Can a vendor cancel the interest in a land installment contract?

  Chapter 5313. of the Revised Code does not prevent the vendor and vendee from cancelling their interest in a land installment contract under section 5301.331 of the Revised Code. Section 5313.08 | Action for forfeiture and restitution.