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Installment Land Contracts--The National Scene Revisited, Dale A. Whitman, Grant S. Nelson
Installment Land Contracts--The National Scene Revisited, Dale A. Whitman, Grant S. Nelson
Faculty Publications
In 1977 we published an article in this Review that discussed the legal aspects of the installment land contract. The installment contract was then, and continues to be, widely used as a device for seller financing of real estate. In our judgment, and increasingly in the judgment of the courts, that is a mistake. Few situations, if any, would lead an informed lawyer to advise his client to use an installment contract rather than its financing cousin, the note secured by a mortgage or deed of trust. Since the prior article was published, the courts have continued to place impediments …
The Installment Land Contract--A National Viewpoint, Dale A. Whitman, Grant S. Nelson
The Installment Land Contract--A National Viewpoint, Dale A. Whitman, Grant S. Nelson
Faculty Publications
The installment land contract is rarely used in some states, but in many it is the predominant means of vendor financing of land sales. Much has been written about it, but nearly all of the literature focuses on the law of one particular state or another. Our purpose here is to provide a nationwide perspective, with particular attention to the states in which the contract has been widely used and extensively litigated. We propose to examine the reasons for the installment contract's popularity, its advantages and disadvantages, and the risks it presents to both vendor and purchaser.