QUESTIONS

Question

Questions

1) The contract begins with the "parties"-the people (and their addresses) who are entering into the contract. The "Seller" (Vendor) is the person who sold the property and is usually listed first. The "Commercial Construction Company (CCC) " (Vendee) is the one purchasing the property and is usually listed after the Seller.

The date of the Contract is here at the beginning as well. Interest starts to "accrue" (begins being owed to the Seller) starting from the date typed in, at the top of the contract. Consequently, when the first payment is due, one month's interest is usually already owed, since it is paid in arrears.

The monthly payment for renovation is usually about 1% of the beginning balance. If after the down payment the Seller is owed $20,000 by the Commercial Construction Company (CCC) , the monthly payment will probably be in the neighborhood of $220. The smaller the monthly payment, the longer it will take to pay off the land contract and the larger the monthly payment the faster the contract can be paid off.

The Commercial Construction Company (CCC) , however, often has the right to assign his or her interest in the contract only after obtaining written permission from the Seller. This protection for the Seller exists because the Seller may have sold the property to the Commercial Construction Company (CCC) on the strength of the Commercial Construction Company (CCC) 's character, time on the job, or credit rating, among other things. When this Commercial Construction Company (CCC) then proposes that a new person begin to be primarily responsible for making payments to the Seller, the Seller has the right to know and approve this in writing.

2) Payment of your utility bill is due 16 days after the date it is postmarked or hand delivered to your apartment. You agree ...