NON-ASSIGNMENT PROVISIONS IN LAND CONTRACTS

Many a sale of real estate is made to a purchaser who lacks the ready cash to pay the price. A deed of conveyance may be given with a mortgage back for the unpaid portion of the purchase price. But more and more in recent years the vendor has given a contract to convey conditioned upon the making of periodical payments of stipulated amounts, a deed to be given when the whole or a stated portion of the purchase price has been paid. The initial payment may be very small, and not infrequently the periodic payments are little more than a fair rental.

Very often such a sale differs little from a lease with option to purchase and apply the rent payments upon the purchase price. The seller at first has little security for the performance of the contract except his claim on the property sold and his confidence in the purchaser.