Payments Due on Land Contract under Which Seller Claims,
Payments Due on Land Contract under Which Seller Claims
In cases where the title of the seller is encumbered by mortgage or it is evidenced by a land contract, then in such cases, the seller will meet both the payment of the principal amount as well as the interest amount as it matures and the evidences of the payments made by the seller has to be shown to the purchaser when he or she demands to see it. Incase the seller defaults on the payments, then in such cases, the purchaser may make these payments on the seller’s behalf and this goes towards the crediting of the matured sums or the maturing of the interest agreement at the rate of interest which is stipulated.
There are cases where the proceedings commence the recovery of the possessions or when there are causes that the payments of the contract or mortgage are to be enforced. These situations happen when the seller defaults on payment of the installments that are due towards the principal and the interest amounts. In these situations, the purchaser pays the interest as well as the principal amount of the mortgage and the sum that he owes the seller is reduced by the same amount. This is what the contract empowers the purchaser to do and the conveyance is made in the form which is provided which has a covenant where they pay the same. This is what the payment due on land contract under which the seller claims document is all about and the situations where it is enforced.
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