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Real property may also be determined to include whatever is beneath the surface of the land, like minerals, natural gas, and old; also any rights to the use of the property and finally leasehold improvements (since they cannot be removed.) Leasehold improvements (sometimes referred to as “build-outs”) are the structural changes you make to leased space to make it suitable for your business needs; for example, lighting changes, a reception area, offices, dressing rooms, and other special rooms or partitions as well as paint and carpeting/flooring.

Real property is distinguished from personal property, which is other property owned by a business or individual, including equipment, furniture and fixtures.

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In the usual, more conventional real estate contracts, a seller does not provide a loan to the buyer.

Land contracts can easily be written or modified by any seller or buyer; one may come across any variety of repayment plans.

Easy financing and a simple sale transaction may be a good selling point for a seller to offer a buyer.

Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract.

Most experts agree that anyone pursuing this option should retain a real estate attorney to draw up the land contract.

This is because too often the loopholes and other complications that arise can make the land contract very confusing for all concerned and knowing the advantages and disadvantages of the land contract are important before handing over any money.

If you choose to not retain a real estate attorney, there are online companies that sell ready-made land contracts.

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