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Under the laws of most jurisdiction, the liability of the seller is to deliver the goods on time. Unless there are other arrangements, the contract could possibly be void.
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How would one describe a land contract?
A land contract is a contract between seller and buyer of property. A contract is only made when an agreement between seller and buyer has been reached. The seller becomes the land owner only when the full payment has been made.
Who is a professional when referring to the exclusion under a commercial general liability policy for professional fees?
The "Professional",, would be the person or entity "Insured" under the contract.
What is the difference between a shipment contract and a destination contract?
By default, under many state laws, goods remain the property of the seller until they are delivered to the customer's destination, i.e., a destination contract, sometimes including the terms FOB Buyer. Upon agreement, a shipping contract can be FOB Seller, meaning that title transfers once the seller has delivered it to the shipping company, meaning that the buyer would need to buy insurance for the shipment.
Can you put an offer in on a foreclosed property under contract?
If the property is currently under contract the seller may also take back up offers in many states. If the current accepted offer fails to close for whatever reason the back up offer would then move into place.
What is frustration of purpose under contract law?
When doing the thing you were supposed to do under the contract would undermine the point of the contract.
Briefly compare and contrast tortuous liability and contractual liability?
These are separate, although sometimes converging areas of law and liability. Contractual liability means that a party to a contract has somehow breached the contract and when taken to court will be held liable for the contract or at least for the loss to the nonbreaching party as a result of the breach. Tort is a separate type of liability that has to do with civil wrongs and gives a cause of action for the injured party. For example, an individual tripping and falling in a grocery store on a puddle of water may have a tort claim but would not have a contract claim against the store.
How is a contract discharged by tender of performance?
the parties do what they said they would do under the contract
What is the seller's compensations if buyer does not keep his agreement to purchase real estate?
There are remedies available to the Seller if a buyer does not purchase the real estate as agreed in a written, fully executed contract. These are only available to the seller if the buyer has signed the contract and there are no limiting conditions such as a financial clause, inspection clause, due diligence period, etc. If the buyer breaches the contract the seller may sue to keep the buyer's deposit, sue for damages caused by the buyer breaching the contract, and may also sue for "specific performance" which would force the buyer to purchase and close on the real estate.
If you file Ch 13 and your home has been bought under a land contract can the holder of the contract take back the property if you don't stay current?
Just like a mortgage lender, a contract seller of real estate can ask the Court for permission to foreclose on real estate if a debtor in Chapter 13 does not keep the contract payments current. The contract seller would do this the same way a mortgage lender would, which is by filing a Motion for Relief from Stay with the Bankruptcy Court. The debtor has the opportunity to file an Objection to the Motion for Relief from Stay, but normally has to bring the payments current relatively soon (and then keep them current thereafter) to prevail on the Objection. State laws vary widely on what a contract seller may do once the relief from stay is granted, but if the contract seller is granted relief from the stay they would then presumably do whatever the particular State requires for them to regain possession of the real estate. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
What are the financial repercussions for breaching the contract for the purchase of a home?
You would forfeit your deposit. In other words, the seller gets to keep your deposit.
What should you do if seller never recorded deed after land contract?
Generally, a land contract, or contract for deed, is an installment contract for the purchase of land. Bank financing is not involved. The seller finances the sale and retains ownership of the property until the price has been paid. The buyer makes installment payments and when the land has been paid in full the seller should record the deed. If a bank was involved in the transaction the bank would require that title be transferred to the borrower. The problem with this type of transaction is that title is not established in the buyer as it would be in a normal sale. The buyer must rely on the seller to maintain title to the property without incurring any further encumbrances and transfer it once the full purchase price has been paid. If the land has been paid in full and the seller has not recorded or will not record the deed you will need to speak with an attorney in your area about judicial remedies under your particular state laws. You will need to provide proof that the land has been paid for as agreed in your contract. You should address this situation ASAP.
Can a landlord make you get homeowners insurance?
Sure. If it is part of the contract and you sign the contract then you must abide by the contract and purchase the homeowners insurance. The policy you would need to get is an HO-4 which is for renters. It covers you for loss to your contents and liability as well.
