Land Installment Contracts
An installment land contract is an agreement between a buyer and seller by which the seller finances the sale price of the property on an installment method and retains legal title until the obligation is paid in full or until some prearranged timetable of payments is met.
A land installment contract is often used in place of a purchase money deed of trust or mortgage. Considerable pitfalls exist both for buyers and sellers regarding these arrangements, and none should be entered into without seeking out the advice of counsel. In Pennsylvania, the “Installment Land Contract Law” can be found at 68 P.S. § 901 et seq.
If you are a potential buyer or seller, contact Allegheny Attorneys today at (412) 963-8495 to retain an experienced attorney to protect your interests.