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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 36994
Experience:  Texas Attorney for 30 years dealing in real estate
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I am looking on selling my home via land contract.

Customer Question

I am looking for information on selling my home via land contract. Specifically if there are legal guidelines that need to be followed in regards ***** ***** interest rates, forfeiture, etc.
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Richard replied 9 months ago.

Good afternoon. My name is ***** ***** I look forward to helping you.

Can you provide me a bit more information? In what state are you located? Thanks.

Customer: replied 9 months ago.
I am in Ohio, but the home and the prospective buyer is in Utah.
Customer: replied 9 months ago.
My primary questions are regarding the legal guidelines (if any exist) on forfeiture terms and interest rates.
Expert:  Richard replied 9 months ago.

Thanks for responding. I don't know the laws of Utah sufficiently to be confident that I can provide a complete and accurate assessment. Therefore, I am going to opt out to open your question up to all experts so another expert can hopefully timely provide you the information you seek. Please do not respond to this post as it will only slow the process of such an expert picking up your question. Take care.

Expert:  Ray replied 9 months ago.

Hi and welcome to JA Ray a new expert here.

Here is a good forms packet with contract and disclosures and instructions as well.This would help you complete such a sale in Utah.

http://www.uslegalforms.com/ut/UT-P023-PKG.htm

Expert:  Ray replied 9 months ago.

Under an installment land sale contract, the vendor retains legal title as security for the purchase price of the property. Nevertheless, as a general proposition, the vendee is treated as the owner of the land. Thus, a vendee may mortgage his or her equity in the land, assign it to a third party as security for a loan, or sell the interest by way of an assignment. Butler v. Wilkinson, 740 P.2d 1244 (1987)

Expert:  Ray replied 9 months ago.

You are allowed to sell the property in Utah here using the contract for deed I referenced above.It is a good idea to have an amortization schedule for everybody's benefit so both know when it is to be paid off.

I appreciate the chance to help you.

Expert:  Ray replied 9 months ago.

Utah does not have any usury laws for land contracts, there are no limits assuming other party agrees to it.

Here is an amortization schedule you may make use of once you set on terms with buyer.

http://www.hsh.com/calc-js-synd.html

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