Mark Warner asked:


A contract for the legal document, also known as "contract" of the earth,? a legal agreement between a buyer and a seller of real property, for which the seller immediately transfers title to the buyer the right but retains the legal title, agreed to transfer the legal title to the property? only after the buyer has paid the full purchase price. Unlike a legal document of the guarantee, where the legal title to the property? ? transferred from seller to buyer at point of sale, in a contract for the legal document, the seller retains legal title, but the buyer receives the right to use the property. Like a mortgage, a contract for the legal document typically involves monthly payments and an agreed rate of interest. Essentially, the seller agrees to sell a property? financing the purchase for the buyer. In this sense, a contract for the legal document? a form of seller financing, a type of security agreement, usually used in situations where a buyer can not? obtain a mortgage, had the difficult pressures of time or credits. The date on which the quantity? full purchase price? due on a contract for the legal document will be? usually more years? soon as the purchase price would be paid under a program of amortization of mortgage. This payment often culminates in a large balloon payment of that? a final payment much more? large quantity of? previous payments. Sometimes a buyer get? a conventional mortgage loan from a bank to make the final payment. On offer of payment and balloon payment of the purchase price, the seller? forced to transfer the property? notice to the buyer. If the buyer can 't allow this large payment, it will cause? the loss of property. The contracts for the legal document can be written and modified by the buyer or the seller, usually with the help of a lawyer. For the buyer? test record a notice of his interest in the property. To be registered, a contract for the legal document should include basic information such as marital status of parties, the parties' addresses and address of the property? and beyond that the sign by both parties, the contract 's execution should adhere to the formalities? General, including the presence of impartial witnesses and the signature notarized. Because? the seller retains legal title to the property, the seller? usually responsible for taxes and insurance and pu? pay taxes and insurance premiums with the purchase of what interest the seller has. (However, parties may change this in the contract.) Seller? also responsible, of course, of all mortgage payments due on the property. Obviously, the omission of the seller to pay these obligations can lead to serious problems for the seller. If the seller fails to pay taxes, insurance or mortgage payments, the buyer can have difficulties obtain title to the property? free and clear of clutter, even after the offer of the full purchase price. The buyer will be? costretto cos? to take appropriate legal action against the buyer so that? not be able to get around on his promises to the contract of legal document.