If the borrower defaults, the assignment of the land contract gives the lender the right to
receive payments from the buyer and to transfer the land contract to another buyer.
Smitha says that tax withholding can happen gradually, rather than all at once, if a foreign seller accepts a series of installments
payments from a buyer of U.S. real property interests.
The seller then will
collect payments from the buyer on that second mortgage and the mortgage is fully repaid by the buyer upon refinance of the property or sale of the property at a future date.
One last thought... An alternative is to creatively finance a sale (
take payments from a buyer until they can buy outright) that will cover the FULL mortgage and get him the price he needs.
If there are any
ongoing payments from the buyer to the seller, through for example a promissory note with set - off entitlements, the buyer may want to invoke the set - off right and halt further payments until the issue is resolved.
If the buyer is able to qualify based on income and credit, the lenders (regardless if it is a bank, mortgage company or alternative «B» lender) will require a minimum of 10 % down
payment from the buyer in addition to the VTB funds.
The Sellers argued that the Broker had agreed that the commission payments were conditioned upon the Sellers
receiving payments from the buyer, but the Brokerage had failed to include these items in the agreements it had prepared and so the Sellers filed a counterclaim against the Brokerage.
iSOLD It's experts will handle the rest, including photographing and describing the items on eBay, answering bidder questions,
collecting payments from buyers, as well as packing and shipping the items.
The seller of the option contract receives
the payment from the buyer and then takes on an obligation to take the opposite side of the trade if the owner chooses to buy or sell the asset.
Sellers are advised to not release the escrow before conforming that they have received
payment from the buyer.