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vendor\'s interest in land installment contract

Polish translation: udział własnościowy sprzedawcy/pożyczkodawcy z tytułu umowy kupna/sprzedaży działki na raty

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:vendor\'s interest in land installment contract
Polish translation:udział własnościowy sprzedawcy/pożyczkodawcy z tytułu umowy kupna/sprzedaży działki na raty
Entered by: daries
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22:10 Dec 27, 2016
English to Polish translations [PRO]
Law/Patents - Law (general)
English term or phrase: vendor\'s interest in land installment contract
"bequest" includes any testamentary disposition of real property and any testamentary disposition of a vendor's interest in a land installment contract - czy tu chodzi o rozporządzenia testamentowe obejmujące udziały w umowie dzierżawy gruntu?
daries
Local time: 21:43
udział własnościowy sprzedawcy/pożyczkodawcy z tytułu umowy kupna/sprzedaży działki na raty
Explanation:
Land installment contract is a contract to buy a parcel of land on installments = umowa kupna/sprzedaży działki na raty

The vendor sells the land and provides the financing, the loan = sprzedawca/pożyczkodawca

interest = the property right, the part owned by the seller

ccccccccccccc
interest
n. 1) any and all, partial or total right to property or for the use of property, including an easement to pass over a neighboring parcel of land, the right to drill for oil, a possibility of acquiring title upon the happening of some event, or outright title. While most often referring to real property, one may have an interest in a business, a bank account, or any article

http://legal-dictionary.thefreedictionary.com/interest
cccccccccc
A land contract -- often described by other terminology listed below -- is a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments. Under a land contract, the seller retains the legal title to the property, while permitting the buyer to take possession of it for most purposes other than legal ownership. The sale price is typically paid in periodic installments, often with a balloon payment at the end to make the timelength of payments shorter than in the corresponding fully amortized loan (i.e., a loan without a final balloon payment). When the full purchase price has been paid including any interest, the seller is obligated to convey (to the buyer) legal title to the property. An initial down payment from the buyer to the seller is usually also required by a land contract.

https://en.wikipedia.org/wiki/Land_contract

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Definicja
"Land installment contract"
means an executory agreement which by its terms is not required to be fully performed by one or more of the parties to the agreement within one year of the date of the agreement and under which the vendor agrees to convey title in real property located in this state to the vendee and the vendee agrees to pay the purchase price in installment payments, while the vendor retains title to the property as security for the vendee's obligation. Option contracts for the purchase of real property are not land installment contracts.

"Vendor" means any individual, partnership, corporation, association, trust, or any other group of individuals however organized making a sale of property by means of a land installment contract.

"Vendee" means the person who acquires an interest in property pursuant to a land installment contract, or any legal successor in interest to that person.

When the vendee of a land installment contract defaults in payment, forfeiture of the interest of the vendee under the contract may be enforced only after the expiration of thirty days from the date of the default. A vendee in default may, prior to the expiration of the thirty-day period, avoid the forfeiture of his interest under the contract by making all payments currently due under the contract and by paying any fees or charges for which he is liable under the contract. If such payments are made within the thirty-day period, forfeiture of the interest of the vendee shall not be enforced.
http://codes.ohio.gov/orc/5313
Selected response from:

Frank Szmulowicz, Ph. D.
United States
Local time: 15:43
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +1udział własnościowy sprzedawcy/pożyczkodawcy z tytułu umowy kupna/sprzedaży działki na raty
Frank Szmulowicz, Ph. D.


  

Answers


2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
udział własnościowy sprzedawcy/pożyczkodawcy z tytułu umowy kupna/sprzedaży działki na raty


Explanation:
Land installment contract is a contract to buy a parcel of land on installments = umowa kupna/sprzedaży działki na raty

The vendor sells the land and provides the financing, the loan = sprzedawca/pożyczkodawca

interest = the property right, the part owned by the seller

ccccccccccccc
interest
n. 1) any and all, partial or total right to property or for the use of property, including an easement to pass over a neighboring parcel of land, the right to drill for oil, a possibility of acquiring title upon the happening of some event, or outright title. While most often referring to real property, one may have an interest in a business, a bank account, or any article

http://legal-dictionary.thefreedictionary.com/interest
cccccccccc
A land contract -- often described by other terminology listed below -- is a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments. Under a land contract, the seller retains the legal title to the property, while permitting the buyer to take possession of it for most purposes other than legal ownership. The sale price is typically paid in periodic installments, often with a balloon payment at the end to make the timelength of payments shorter than in the corresponding fully amortized loan (i.e., a loan without a final balloon payment). When the full purchase price has been paid including any interest, the seller is obligated to convey (to the buyer) legal title to the property. An initial down payment from the buyer to the seller is usually also required by a land contract.

https://en.wikipedia.org/wiki/Land_contract

cccccccccccc
Definicja
"Land installment contract"
means an executory agreement which by its terms is not required to be fully performed by one or more of the parties to the agreement within one year of the date of the agreement and under which the vendor agrees to convey title in real property located in this state to the vendee and the vendee agrees to pay the purchase price in installment payments, while the vendor retains title to the property as security for the vendee's obligation. Option contracts for the purchase of real property are not land installment contracts.

"Vendor" means any individual, partnership, corporation, association, trust, or any other group of individuals however organized making a sale of property by means of a land installment contract.

"Vendee" means the person who acquires an interest in property pursuant to a land installment contract, or any legal successor in interest to that person.

When the vendee of a land installment contract defaults in payment, forfeiture of the interest of the vendee under the contract may be enforced only after the expiration of thirty days from the date of the default. A vendee in default may, prior to the expiration of the thirty-day period, avoid the forfeiture of his interest under the contract by making all payments currently due under the contract and by paying any fees or charges for which he is liable under the contract. If such payments are made within the thirty-day period, forfeiture of the interest of the vendee shall not be enforced.
http://codes.ohio.gov/orc/5313

Frank Szmulowicz, Ph. D.
United States
Local time: 15:43
Native speaker of: Native in EnglishEnglish, Native in PolishPolish
PRO pts in category: 1223

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