3.0 hours Contracts and Leasing (CORE) Course Syllabus
3.0 Core Hours.
Real estate contracts are also known as installment contracts, land contracts, or contracts for deeds. The buyer who is known as the vendee makes installment payments to the seller who is known as the vendor. During these installment payments, the vendor retains the deed to the property. The deed transfers to the vendee when the entire purchase price has been paid. During the installment period, the vendee has equitable title to the property to possess and enjoy the property.
An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. If you dispose of property in an installment sale, you report part of your gain when you receive each installment payment. You cannot use the installment method to report a loss.
If a sale qualifies as an installment sale, the gain must be reported under the installment method unless you elect out of using the installment method, or you are not a qualified accrual method taxpayer.
Upon course completion, the real estate professional will have a better understanding real estate contracts also known as installment contracts, land contracts, or contracts for deeds.