After the Land Contract is Paid

After the vendee (or buyer) makes the final payment on the Land Contract, the vendor (or seller) must convey ownership of the property to the buyer by signing a deed and delivering that deed to the buyer.

It is the buyer’s responsibility to record the deed with the Recorder’s Office in the county where the property is located. The recorder charges a fee for filing the deed, and often, a transfer tax or fee must be paid based on the sale price of the property.

The buyer and seller have the option to enlist the services of a title company or escrow service. These professionals can assist in recording the deed and ensuring that the appropriate fees are paid, if the parties desire. Information regarding recording the deed (and the costs associated with the transfer of the property) is often available on-line from the county recorder’s website.

When the deed is recorded, the buyer becomes the titled owner of the property. The buyer should ensure that all utilities are transferred to the buyer’s name, that real estate taxes are timely paid, that the property is appropriately insured against loss, and should take other steps generally associated with home ownership.