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Land Sale Contract
Involuntary Lien Types of Foreclosure Trust Deed Mortgage |
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 Page 4 of 5Types of foreclosure cont. Land Sale Contracts A third type of lien is a land sale contract. The land sale contract is a contract between the seller and buyer of real property. The seller agrees to give the buyer a deed to the property once the purchase price has been paid. It is very important to carefully read a land sale contract because the rights of the parties may vary greatly depending on the wording of the contract. The seller under a land sale contract has three principal foreclosure rights. First, the seller can file a lawsuit in the circuit court of the county where the property is located asking for the unpaid balance of the contract together with attorney fees and foreclosure costs. If the seller’s case is successful, the sheriff will then conduct a public auction for cash. As with court foreclosure of a trust deed, if there is not enough cash to pay the judgment, the buyer is responsible for paying the difference to the seller. The buyer also must immediately move out of the property after foreclosure. Unlike a court foreclosure of a trust deed, however, the buyer has no right to buy the property back after foreclosure. The seller can choose instead to file a lawsuit in the county where the property is, to eliminate the buyer’s interest in the property. This is known as strict foreclosure. In a strict foreclosure action, the seller gets the property back and the buyer must pay to the seller all of the seller’s attorney fees and foreclosure costs. The buyer is not responsible for a deficiency other than attorney fees and foreclosure costs but has no right to buy the property back either. The final foreclosure option is known as forfeiture. It is similar to a foreclosure by advertisement and sale of a trust deed. Here, the seller sends notice to the buyer and other parties having an interest in the property, explaining the amount of the debt and a forfeiture date. If the buyer does nothing, the buyer’s interest in the property will be eliminated, and the buyer must immediately move out of the property. Until the date of the forfeiture, however, the buyer has the right stop the forfeiture by making up the back payments together with attorney fees and forfeiture costs. The seller will then file a notice in the county records showing that the forfeiture proceeding has ended. Continue | | |||
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