Sell My Property in New Mexico – How Does A New Mexico Real Estate Contract Work
How a Land Contract Works
A land contract is a legally binding agreement between two parties: the buyer, sometimes referred to as the vendee; and the seller, aka vendor. In this relationship, one party agrees to finance property for another in exchange for their meeting agreed-upon terms of service.
A land contract is a type of real estate transaction that doesn’t involve the seller transferring legal title to you. A buyer gets rights for equitable ownership, which can help increase equity in your property and give you more flexibility when it comes time to pay off this loan. There’s one catch though: if you want out on your agreement early without paying all the money owed back then know there are some serious consequences!
Our team of investors at Checklands have been acquiring and selling land for years. This article was compiled by one of our team and proofed by our staff to ensure it meets our editorial standards. If you have additional questions, please contact: team@checklands.com
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