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 .

the legal status of land contracts varies between jurisdictions .

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 .

in the usual , more conventional real estate contracts , a seller does not provide a loan to the buyer ; the contract either does not specify a loan or includes provisions for a loan from a different " third party " lender , usually a financial institution in practice .

when third party lenders are involved , typically a lien , as part of a mortgage or trust deed , is placed on the property , in which the property serves as collateral until the loan is repaid .

other terms for a land contract include : terms contract contract for deed agreement for deed land installment contract installment sale agreement

land contract

to learn about the process for purchasing real estate using a land contract see the nolo article , closing on a land contract .
a land contract is an agreement between a buyer and seller pertaining to a specific tract of land . developers advertise and sell tracts of land similar to the process of selling a real estate property . land contracts can be broad in scope and may include both the land and real estate on the land . many land contracts involve seller financed purchases . some borrowers buying land may also choose to finance the purchase through a bank loan .
an installment sales contract is any type of contract that calls for periodic payments , but in real estate , it is generally referred to as a land contract , contract for deed , or contract for sale . the term
land
is misleading as a land contract can be used to purchase any type of real estate with or without improvements .
the length of the land contract term , interest rate , and payments are negotiable .
seller financed land contracts may include a tract of land or they may also include land and any assets located on the land . assets included in a land contract may include residential homes , pools , tennis courts , basketball courts , barns or horse tracks . any assets located on the land and included in a land contract will affect the price . the seller holds the title on all assets until full payment is made at which time the title is transferred .
buying a home with a land contract is an alternative to conventional financing . big stock photo
this article outlines the colorado land contract vs contract for deed . in colorado , a land contract , installment land contract and contract for deed are the same thing under different names . it is a sale of property by which the buyer pays the seller principal , interest , taxes and insurance , and the seller continues making payments on his [ … ]
the land registry safeguards land and property ownership worth more than £4 trillion , including more than £1 trillion of mortgages . the land register contains more than 24 million titles , which show evidence of ownership , covering more than 84 % of the land mass .
a land contract details the specific terms associated with buying a piece of property . land contracts can be broad in scope with certain states having more generous legal rights for land contract holders than others . as a result , the world of land contracts can be difficult to navigate . as such , a buyer of land must be very careful to ensure that the terms of the contract are legally binding in case a dispute arises in the future .
colorado land contract addendum for crec contract… the colorado real estate commission approved contract does provide for seller financing , but assumes the seller owns the property free and clear with no mortgage . it does not provide for a “wrap” or “wraparound” sale by contract for deed or installment land contract . the real estate commission in [ … ]
as with other types of seller financing , a land contract may be advantageous to both buyer and seller .
her majesty ' s land registry was created in 1862 and covers england and wales . the land register is owned by the crown and sets out the ownership of land and property in england and wales .
a contract to purchase land or other property off - the - plan may be subject to the unfair contract terms provisions of the australian consumer law if it is a “standard form consumer contract” .
sparks , dana .
pros & cons of a land contract
last modified june 30 , 2017 . urltoken
the buyer has problems also . what guarantee does the buyer have that the seller will not sell the same property fraudulently to other purchasers ? it is absolutely imperative that a memorandum of the land contract sale ( or the land contract itself ) be recorded in the jurisdiction where the land is located .
our unfair contract terms library page gives details of our publications on unfair contract terms .
if a standard form consumer contract contains an unfair contract term , then that term may be void . a contract term is unfair when :
click here to download the handbook , a buyer’s guide : understanding land contracts .
in february 2017 , the government’s housing white paper committed hm land registry to become the world’s leading land registry for speed , simplicity and an open approach to data with an aim to achieve comprehensive registration of land in england and wales by 2030 .
sparks , dana .
pros & cons of a land contract .
home guides | sf gate , urltoken 30 june 2017 .
in a word , speed . because there’s no bank involved , land contract closings can happen in under a week—and without expensive closing costs .
a . if you are buying this property with little or no money down , the land contract may be a good deal for you .
to close a wrap deal in colorado using an installment land contract , contact the law firm of bronchick & associates , pc at urltoken .
there are at least 3 reasons why you should sign a land contract . if you are buying a piece of real estate that you really want to own , a land contract locks in your commitment to buy . a land contract keeps other buyers from taking the property from you . you do not have to make a large outlay of capital to purchase the land , since under the land contract the seller retains rights of ownership while you make installment payments to acquire the property . this results in an ideal arrangement for a seller looking to unload a piece of property in a down market and a buyer with limited capital to purchase the property .
oversimplified , the land contract - - also referred to as a contract for deed or installment contract - - is a legal transaction where the buyer makes a down payment and the balance of the purchase price is paid in monthly or quarterly installments .
* note that with your purchase of standard legal ' s document preparation service , you will receive one of the fully completed land contracts listed above . if more than one type of land contract is required , additional charges will apply .
en whatever it states is what you agreed to . if it is not mentioned in your land contract , then the buyer may have a cl
land contracts are often seller financed however in some cases a borrower may seek traditional bank financing for a land contract . a borrower seeking to build on a piece of land may wish to finance the property through a bank loan . terms of a loan for land will generally include a higher interest rate and are usually based on a shorter term . loans for land will also often be structured with a balloon payment rather than regular installment payments . often builders receiving a loan for land will refinance or payoff the loan with a takeout loan once the real estate is built and greater collateral value is established .
in ohio , a land contract , also called a land installment contract , is an agreement by a seller to sell you land and a house on that land for an agreed price . you , the buyer , agree to make monthly installment payments directly to the seller , plus interest , until paid in full . the seller agrees to transfer the deed ( ownership ) to you after all of the payments have been made . legally , when the buyer misses a payment , regardless of the reason the payment was missed , the buyer has breached his agreement under the land contract and the seller can take certain actions allowed by statute .
sparks , dana . ( 2017 , june 30 ) . pros & cons of a land contract . home guides | sf gate . retrieved from urltoken
welcome to the colorado land contract wiki , sponsored by the law firm of bronchick & associates , pc . we have closed over 600 land contracts over the last 15 years in colorado , and offer this website as a public service for information on land contracts in colorado . for more information , contact us at 303 - 398 - 7032 .
- a memorandum of land contract that can be filed with the county recorder or record ' s office in the county in which the property is located .
the government’s preferred land registry operating model was privatisation with a contract between government and a private sector operator . the public consultation closed on 26 may 2016 .
sam gilford , a consumer bureau spokesman , confirmed that staff members had conversations with members of the consumer advisory board about seller financing , specifically a type of arrangement called a contract for deed or a land contract .
a land contract can be a risky transaction . even though michigan law makes land contracts legally binding , they are essentially unregulated . and prospective sellers considering selling their property on land contract should carefully consider the fact that they will become the financing entity . although individuals commonly sell under the presumption that payments will consistently be made and that no further action will be necessary , this is certainly not always the case .
the register is the single authoritative record of ownership and the basis of the state guarantee of ownership and interests in land . it is a statutory requirement that when there is a change in ownership of land or other property rights , the land register must be updated , so that it remains accurate .
for a property that you express a particular interest in or see a potential to appreciate , a land contract helps you obtain the property and lock out any competing bids . this means that under the land contract you hold a right to first refusal with respect to the purchase of the property . this means that as long as you make the installment payments as agreed upon in the land contract , the buyer retains the right to own the property . if the installment payments cease or other terms of the land contract are not adhered to , this will allow other buyers to come to the table and negotiate a deal with the seller .
a standard form consumer contract is a contract for the supply of goods or services or the sale of land for personal use only , where the contract is typically prepared by one party to the contract and is not subject to negotiation – usually offered on a “take it or leave it” basis . the unfair contract terms provisions of the australian consumer law will not apply if the off - the - plan purchase contract is made for business or investment purposes .
once 30 days has passed from the date the land contract payment was due and the buyer has failed to bring his account current , the seller can begin the legal process required to force the buyer to forfeit his interest in the land contract . this process begins with the seller serving a written notice on the buyer by
also in february the land registry opened a consultation on proposals to modernise its service , give customers more options in the use of the service and bring the rules into alignment with land registry’s digital strategy .
a land contract is a written legal contract , or agreement , used to purchase real estate , such as vacant land , a house , an apartment building , a commercial building , or other real property . a land contract is a form of seller financing . it is similar to a mortgage , but rather than borrowing money from a lender or bank to buy real estate , the buyer makes payments to the real estate owner , or seller , until the purchase price is paid in full .
one of the benefits of entering into a land contract with a seller is that it confirms your commitment to purchase the property . subject to the rules of the community in which you live in that governs the terms of land contracts , you can express your desire to purchase the property at some agreed - upon value and make payments over a period of years to accomplish that . your intention is locked in when the land contract is signed , and you will realize the benefit of ownership once the contract is paid off . al rights in the real estate will remain with the seller throughout the term of the land contract , unless it is paid off sooner .
ohio law provides that a buyer who misses a land contract payment has a 30 day grace period to make the payment before the seller can begin legal action against the buyer . the ohio revised code § 5313 . 05 states that a buyer who misses a land contract payment has 30 days to bring his account current by making all payments currently due under the contract and by paying any additional late fees or other charges for which he is liable under the contract . if the buyer makes all such payments within the 30 day period , then the seller cannot initiate forfeiture of the buyer ' s interest under the land contract
this article discusses the contract for deed vs lease option as used in colorado . many investors are generally familiar with the concepts lease option and contract for deed ( aka “installment land contract” ) . many investors confuse the two , and this article will help you understand the tax , legal , and practical issues between a lease option vs contract [ … ]
if you’re tired of paying rent but don’t qualify for a mortgage , a land contract could be your ticket to home ownership . or if you own a home you need to sell fast in a slow market , a land contract could make that sale happen quickly—and for more money than you might get from a buyer with a conventional mortgage .
land contracts make sense for most buyers and should be considered for the above reasons , which will be explained in this article . there are other factors to balance in when considering a land contract , but those concerns should be weighed by the ultimate benefit of owning the real estate .
these principles apply both to the way contract terms are drafted and also to how contract terms are used by firms in practice .
if the buyer defaults on the land contract , or fails to make the monthly payments to the seller as required , the seller can file a court action called land contract forfeiture . forfeiture will result in the buyer “forfeiting , ” or giving up , all money paid to the seller for the property pursuant to the land contract and the equitable title of the buyer will be extinguished . in other words , if the buyer fails to pay , the seller keeps all money received , plus the seller keeps the real estate .
if the buyer has neither paid for five years nor paid 20 % of the land contract purchase price , then the buyer is treated legally more like a renter or tenant who failed to pay his rent . in order for the seller to legally cancel the land contract , the seller must bring an action in court for forfeiture of the buyer ' s rights in the land contract and for restitution of the property . if the court finds in favor of the seller , that the buyer was not current on his payments , then the court will cancel the land contract and order the buyer to leave the property . the court order cancelling the land contract must then be filed in the office of the county recorder of the county where the property is located . more importantly , the buyer whose rights in the land installment contract are forfeited , will loose everything he has paid under the land contract including the down payment , the monthly payments , the homeowners insurance premiums and the real estate taxes . the seller ' s action for forfeiture of the buyer ' s rights in the land installment contract is an exclusive remedy which bars further action on the contract by the seller unless the buyer has paid an amount less than the fair rental value plus deterioration or destruction of the property caused by the buyer . in such a case , the seller may also recover the difference between the amount paid by the buyer on the contract and the fair rental value of the property plus an amount for the deterioration or destruction of the property caused by the buyer .
this article discusses the basics of a land contracts including how and when they are used to purchase real property .
at this point , in order for the seller to legally cancel the land contract and force the buyer to vacate the property , the seller must bring an action in court for forfeiture of the buyer ' s rights in the land contract . the type of legal action the seller must bring depends on whether the buyer has met either of the criteria below :
an installment land contract is financing tool whereby the seller and buyer agree upon the sale of a property under installment payments . the property remains titled in the seller’s name until the buyer completes all payments under the contract . this arrangement is also known as a “contract for deed” or “installment land contract” . the land contract can be effective tools for acquiring a property with owner financing to preserve the existing financing . if a seller of a property has a low , fixed - interest rate loan , a transfer of the ownership subject to the existing loan can allow the buyer to take advantage of this favorable financing without having to get new financing or qualify for the existing loan .
a land contract can be an appealing option for a potential homebuyer who might have difficulty qualifying for a mortgage loan . but there are potential risks to be wary of as well .
when interest rates are high and credit is tight , there are fewer buyers on the market . a land contract can attract buyers who would not normally have been able to purchase property .
if you are buying or selling a parcel of real estate and want to have the owner / seller finance it on behalf of the buyer , then you can create a document called a land contract . a land contract provides the seller with increased revenues through the generation of interest payments , while allowing buyers to get into a home who otherwise might have difficulty finding bank financing . let standard legal ' s document preparation professionals prepare the land contract documents you require using the information that you supply to us . then we provide everything back to you , ready to sign !
buyers with poor or no credit can get a land contract because it’s up to the seller to decide if they’re creditworthy . down payments and closing costs—if any—are much smaller than with a mortgage .
as part of the contract , the seller agrees to provide a deed ( usually a warranty deed ) to the buyer after all of the contractual obligations are satisfied . under this arrangement , the buyer does not receive the legal title until the debt has been satisfied . for this reason , a land contract is not an instrument of conveyance , but rather is an agreement to convey land .
for a seller who finances a real estate transaction personally , a land contract offers more protection and alternatives in the event of a default than a deed with a purchase - money mortgage given to the buyer for the amount owed . unlike a mortgage , a land contract stipulates that if a buyer does not fulfill his financial obligations in the agreed upon terms of the contract , then the seller regains possession of the property and keeps whatever money the buyer has remitted .
this post discusses the wraparound sale in colorado . a wraparound or “wrap” is a sale of property whereby the underlying loan is not paid off , but rather paid on a continuing basis by the seller . the buyer makes payments to the seller on a note or contract ( land contract aka “contract for deed ) . a wrap [ … ]
you have to look to the language of the existing mortgage . it is my opinion that under the standard deed of trust clause , a land contract will in fact trigger the due on sale clause .
installment land contracts are an important financing tool in the real estate industry . often called land contracts , contracts for deed , or sometimes presented as a lease with option to purchase , these types of agreements allow the seller to finance the real estate sales transaction while circumventing the traditional mortgage and deed of trust formalities . when parties enter into an installment land contract , the buyer typically takes possession of the property and assumes the rights and responsibilities of ownership , but the deed is not delivered to the buyer until the contract price has been paid in full .
a contract would generally be able to proceed if an unfair term is struck out by a court . however , if the unfair clause is so central to the contract that it cannot be struck out , the contract may be unenforceable .
a term of a contract that attempts to restrict or modify a person’s rights under the australian consumer law may also be void if it is an “unfair contract term” ( see section on unfair contract terms at pages 7 - 8 ) .
land contracts can be used for sales of either residential or commercial property . in residential transactions , buyers who do not have sufficient funds for an equity payment on a house to qualify for a loan or who seek lower interest rates than those available from commercial lenders are likely to pursue a land contract arrangement . a commercial buyer , by contrast , may favor a land contract acquisition to reduce the initial amount of capital that must be invested to acquire real estate , to wait for a later date to obtain an traditional loan to pay off the land contract ( e . g . , if interest rates are expected to decrease or the buyer ' s credit will improve in the future ) , or to hold out for a date when it expects to have more liquidity .
contracts for deed , also known as executory contracts , are contracts for the sale of land – usually residential property – where the seller keeps title to the property until the buyer has paid the full contract price .
generally , upon a buyer’s fulfillment of the land contract , the seller should give the buyer the required deed conveying the property free of liens created by the seller . a seller who fails to provide the required deed may be in breach of the contract . if the seller is unwilling or unable to give the required deed , the buyer may have various options , including legal action for : 1 . specific performance of the land contract , including a court order directing the seller to give the required deed . 2 . quiet title . 3 . cancelation of the land contract , seeking the return of the money paid by the buyer in exchange for all of the buyer’s rights in the property . 4 . money damages .
under the terms of the land contract the buyer is not required to make a huge capital outlay in order to obtain the property . the payments made under the land contract are done on an installment basis . this increases the cash flow for the buyer by not tying up all their money in the property while allowing the buyer to enjoy all of the benefits of the property , except ownership , which is retained by the seller .
land contract agreements must cover myriad issues , such as what happens if the market appreciates or depreciates dramatically prior to the due date of the balloon payment . there are also concerns as to which party is responsible for maintenance of the home , who will carry the insurance on the house , and what happens in the event the buyer opts not to purchase the property . perhaps even more complex than a standard home purchase , a land contract has special challenges , and careful consideration must go into creating the binding contract .
land contracts or contracts for deed are a security agreement between a seller , called a vendor , and a buyer , called a vendee .
with freehold land , a developer will be in a position to settle as soon as a certificate of title has been issued by landgate .
on 24 march 2016 , the government launched a public consultation on moving land registry operations to the private sector . the consultation document set out the government’s view that privatisation would deliver a revenue for the government and could support the land registry to be run more efficiently and effectively .
hb 311 limits a seller’s ability to enforce certain remedies under an executory contract for conveyance of real property , create liability for failing to record an executory contract , and specify the effect of a recorded executory contract related to legal title of the property .
. modernisation will maximise the value of hm land registry to the economy , and should be completed without a need for significant exchequer investment . ”
a land contract is an agreement that provides for both the conveyance of real property and the financing in the transaction . in a land contract , the seller provides the financing for the buyer to purchase the property—essentially in the form of an installment sale . the seller determines down payment , interest rate , installments , and requires payment of taxes and insurance premiums . although the buyer takes possession at the outset , the seller continues to own the property , pay the mortgage and taxes , and hold the deed until all terms of the contract are met .
34 . van huyssteen & maxwell contract law in south africa ( 2014 ) 84 .
the interests of a seller and a buyer under an installment contract are determined by the doctrine of equitable conversion .
[ e ] quitable conversion is the treating of land as personalty and personalty as land under certain circumstances .
shay , 25 ill 2d at 449 , 185 ne2d at 219 . the buyer holds equitable title once the contract is executed . the seller holds the legal title in trust for the buyer and the buyer holds the purchase money in trust for the seller . once the contract is satisfied , the seller gives the buyer a deed , which vests legal title in the buyer from the date the contract was signed .
the laws on land contracts vary from state to state , so prospective buyers need to investigate whatever rules apply in their area . as with any major financial transaction , it ' s a good idea to get professional assistance before engaging in a land contract , preferably a real estate attorney who can review agreements beforehand and alert you to potential pitfalls to avoid and steps you should take .
once the agreement is signed , the buyer has material use of the property according to the contract . typically , buyers will need to maintain and repair the property as if they are outright owners . damaging or neglecting the property will violate terms of the contract . this and any other stipulations in the contract not met are grounds for terminating the contract .
my friend has suggested a land sales contract to avoid the points and to permit me to keep his 9 . 5 percent rate . he will take back a second trust to cover his equity . this sounds like a good deal to me .
a contract for deed is a long - term , high - interest installment financing deal .
112 . it reads : “any purchaser who in terms of a deed of alienation has undertaken to pay the purchase price of land in specified instalments over a period in the future and who has paid to the seller in such instalments not less than 50 per cent of the purchase price , shall , if the land is registrable , be entitled to demand from the seller transfer of the land on condition that simultaneously with the registration of the transfer there shall be registered in favour of the seller a first mortgage bond over the land to secure the balance of the purchase price and interest in terms of the deed of alienation” .
on the downside , a land contract doesn ' t have many of the protections that come with a mortgage . because the seller retains the title until the land contract is fully paid off , the buyer could end up defaulting and forfeiting their interest to the property if they miss just one payment - in which case the buyer is entitled to keep the payments made to date as rent ( although buyers may be entitled to some of their money back in certain states - check local laws ) .
except for freehold land , an off - the - plan contract should include a ‘defects liability’ clause stating that it is the developer’s responsibility to repair any major or minor defects . in addition to any rights you may have under a contract , there may also be remedies available to you under the consumer guarantee provisions of the australian consumer law .
“we visited more than thirteen hundred households to examine whether and how low - income buyers in texas’s poorest communities are obtaining title to their land , with a specific focus on the use of contract for deed , ” way told the magazine . “texas lawmakers were concerned with the rampant use of contracts for deed in land sales to low - income homebuyers in colonias , and passed legislation in the mid - 1990s to afford buyers greater protections . this report is one of the first major studies to chronicle land transaction practices in colonias since the passage of the legislation . ”
it is becoming axiomatic that sanctity of contract and fairness are competing values that need to be balanced by courts . freedom of contract means that parties are free to decide whether or not to contract ; with whom and on what terms . 30 ideally , the creation of a contract should be the result of a free choice , without external interference , and that in the process of contracting , the parties are sovereign . once a court is satisfied that the contract was freely entered into with the intention to create binding obligations , it should uphold and enforce the contract based on the principle of pacta sunt servanda . accordingly , there should be minimal state intervention in the area of contract law as a result of freedom of contract and party autonomy . autonomy entails that the decision - maker must accept the responsibility of binding himself to a contract . 31
for internal revenue service purposes , the tax laws treat the land sales contract as a sale , thereby creating a taxable consequence for the seller even before the deed is transferred and also permitting the buyer to deduct real estate taxes and interest , where appropriate .
withdrawal clauses are those that allow either the developer or buyer to withdraw from the contract if particular conditions are not met . potential buyers should consider whether a contract adequately covers the following matters :
when signing the contract , you may not know exactly how the property will look when construction is finished nor the precise quality or standard of fixtures and fittings . as a safeguard when purchasing off - the - plan , it is important to ensure the contract stipulates the required features of the property and check that there is sufficient detail of these specified in the contract , including timeframes for completion of any “packaged” inclusions , particularly with house and land packages .
if the buyer meets either the five year or 20 % test , then the buyer is treated legally like a homeowner with a mortgage . in order for the seller to legally cancel the land contract in this situation , the seller must bring an action in court for foreclosure and judicial sale of the foreclosed property . this means that if the court finds in favor of the seller , that the buyer was not current on his payments , then the court will cancel the land contract and order the property sold at a sheriff ' s sale . the sale proceeds will be used to pay for court costs , taxes and other fees and the amount still owed to the seller on the land contract . the remaining amount , if any , will be paid to the land contract buyer . as an alternative to foreclosure , the seller may bring an action for only unpaid installments against the buyer , but this will only result in a money judgment for the seller and will not force the buyer to vacate the property nor restore possession of the property to the seller .
buying real estate through a land contract is fairly straightforward . the buyer gives the seller a down payment for the home or piece of land and the seller acts as the bank , financing the balance of the purchase price . the buyer and seller work together to negotiate an interest rate at the time of purchase . generally , the seller carries the loan for a fixed number of years , at which time a balloon payment is due .
a buyer and a seller both sign the land contract covering agreed upon terms and conditions of the sale . upon satisfaction of all contract terms and conditions , including payment of the purchase price over a specified time period , the legal title of the property transfers from the seller to the buyer by way of a warranty deed , or other deed used to convey title .
if the seller fails to perform any of his or her statutory obligations , the buyer has the option of voiding the installment land contract transaction and is entitled to return of all payments made on the contract , with interest . under most installment land contracts , the buyer actually resides on the property which they are purchasing , when a buyer seeks a court’s declaration that the agreement is void , the seller will have an unjust enrichment counterclaim for the reasonable value of rent . this amount may or may not be equal to the installment payments .
some title companies draft and insure land contracts that contain a vendor , a vendee and a trustee . you will need to call around to find such a title company .
off - the - plan sales contracts are agreements where a developer promises to deliver a parcel of land , a house and land package or a strata property to a buyer at an agreed price at a future date , subject to the developer obtaining all necessary approvals in respect of the development from the relevant authorities and satisfying any conditions necessary to finalise the development . in the case of land subdivisions , for example , this would include the construction of roads , and connection to services such as power , water and sewerage .
land contracts may be a good , or sometimes the only , option available to buyers and sellers of real estate . real estate rules vary by state , so it is important to consult with an experienced real estate attorney to draft a land contract in order to allow for appropriate terms and to be able to enforce a forfeiture action , if needed by the seller . for a list of real estate attorneys in your state , see nolo’s lawyer directory .
at the autumn statement 2016 , the government announced that the land registry will remain in the public sector and will focus on becoming a more digital data - driven registration business .
a land contract allows the owner of a property to sell that property to a buyer over the course of time , financing the purchase price on behalf of the buyer and collecting interest on the sale amount . the buyer does not need to go out and find a mortgage from a bank or mortgage company , nor does the buyer have to pay the entire purchase price to the seller upfront . rather , the buyer signs a land contract with the seller agreeing to purchase the property in either installment payments or in installment payments with a balloon payment on a certain date . the buyer then moves into the property and makes the agreed upon monthly payments . when all of the payments ( and any required balloon payments ) are made according to the terms of the land contract , only then does the buyer finally take title of the property from the seller .
generally , an off - the - plan contract will provide for the developer to carry out and complete a development in accordance with plans ( that are usually annexed to the contract ) within a defined period , unless the contract provides for the period to be extended – generally to meet particular conditions along the way .
thus , the land contract is an extremely effective tool for the investor to learn about and implement to increase their profitability in today’s market . colorado , like many states , does not a have a particular statute on the process for getting the property back that was sold on a wraparound land contract . thus , theoretically the seller might have to foreclose , depending on how much equity the buyer has in the deal . in most cases , the seller evicts the buyer as a holdover tenant ( who doesn’t show up in court ) and the process of foreclosure is avoided .
on recording , an executory contract would convey legal title to the purchaser , subject to a lien retained by the seller for the amount of the unpaid contract price , less any lawful deductions . extrinsic evidence could be used to supply the legal description of the property if that information was not apparent from the recorded contract .
2 . hutchison & pretorius ( eds ) the law of contract in south africa ( 2012 ) 23 .
31 . van der merwe , van huyssteen , reinecke & lubbe contract general principles ( 2012 ) 9 .
71 . van de merwe , van huyssteen , reinecke & lubbe contract general principles ( 2012 ) 9 .
land contracts began to disappear when loan requirements softened and rates dropped below 8 % . but they have not vanished altogether and , in fact , tiptoed back into the market during the mortgage crisis . previous homeowners who lost their homes to foreclosure or sold through a short sale began to lean on land contracts as a financing alternative when the big banks turned them away .
a land contract allows a buyer who is not able to secure traditional financing to purchase real estate . the buyer has time to work on any credit issues he may have , including lowering his debt - to - income ratio , and to save for the down payment on a traditional loan .
this article is intended to provide a brief overview of how land contracts work and discuss some of the pros and cons of using this form of financing to buy or sell real estate .
but now , hb 311 limits a seller’s ability to enforce certain remedies under an executory contract for conveyance of real property , creates liability for failing to record an executory contract , and specifies the effect of a recorded executory contract related to legal title of the property , according to the bill analysis prepared by the house research organization .
there are several reasons someone may choose to buy or sell real estate using a land contract . many buyers prefer land contracts because they are a low cost way to obtain financing . sellers like them because they make it easier to sell property , and the seller can set his or her own terms . if done right , a buyer is able to take possession of a property while making payments towards ownership . sellers retain title and can turn their real estate investment into a profitable venture .
5 . cserne freedom of contract and paternalism : prospects and limits of an economic approach ( 2012 ) 81 .
an installment contract may be terminated in a variety of ways . upon a buyer ' s default , a seller has available both statutory and common law remedies . despite the similarities , courts generally do not view installment contracts as functionally equivalent to mortgages , and therefore installment contracts are usually not subject to mortgage laws . therefore , it is generally easier for a seller to terminate an installment contract and recover possession of the property . when a buyer defaults upon an installment contract , a seller may elect to enforce the contract or to declare the contract at an end .
benefits to buyers . there may be a buyer interested in the real estate for sale but who , because of their credit history or other reasons , cannot obtain approval for a needed mortgage . the parties can enter into a sale by land contract so that the buyer makes monthly payments directly to the seller .
while there are so - called standard form land contracts available on the internet , a seller should think carefully before using one . every deal is different and the terms of the contract should reflect that uniqueness . an experienced real estate attorney can help explain the various terms and ensure that you are properly protected .
the main advantage of a land contract is that it ' s fairly easy to qualify for . as long as the seller is willing to go that route , there ' s little need for extensive credit checks . if the buyer defaults , the seller simply retains the property without the need of going through foreclosure .
11 . bhana ‘the role of judicial method in the relinquishing of constitutional rights through contract’ 2008 24 sajhr 300 303 .
41 . hopkins ‘insurance policies and the bill of rights : rethinking the sanctity of contract paradigm’ 2002 salj 155 157 .
contact legal services of south central michigan for help . land contracts , for any number of reasons , sometimes do not work out for the parties . each party has a set of remedies . for example , either party can sue for breach of contract . some remedies , however , are specific to buyers or sellers .
land contracts are legitimate alternatives to mortgages , but fraudsters have been known to prey on buyers who aren’t financially savvy . both sides of a deal should hire a real estate lawyer to oversee the details . you’ll need a purchase agreement and a contract with the legal description of the property , the payment schedule and payment dates .
within the contract , a seller establishes financing , terms and conditions of ownership , and how the title will pass once the buyer fulfills the contract . in this capacity , a seller can charge a higher interest rate and negotiate a “balloon payment” at a certain point where the buyer pays the final balance or they re - negotiate the terms of the loan . except for several statutory constraints ( such as usury limitations ) , land contracts are wholly subject to the negotiation of the parties . they are outside the regulations and policies that bind financial institutions in issuing mortgages . as such , land contracts provide more flexibility to parties in negotiating and structuring transactions .
an installment contract ( also called a land contract or articles of agreement for warranty deed or contract for deed ) is an agreement between a real estate seller and buyer , under which the buyer agrees to pay to the seller the purchase price plus interest in installments over a set period of time . upon execution of the contract the buyer immediately takes possession , but the seller retains legal title to the property until the buyer pays the full purchase price . the seller delivers the deed to the buyer once the final payment is made . installment contracts are an alternative to traditional mortgage financing and can benefit both the seller and buyer in a real estate transaction . this article is an overview of how installment contracts are created , what interest the parties to an installment contract hold , and how such contracts can be terminated .
18 . bhana & pieterse ‘towards a reconciliation of contract and constitutional values : brisley and afrox revisited’ 2005 salj 865 887 .
find out about what we can do to tackle unfair contract terms in financial services contracts and what you should focus on .
this blog is merely an introduction to installment land contracts . these are but a few of the considerations to account for in deciding whether an installment land contract is the right tool for your real estate sales transaction . because there is so much to consider in real estate law , there are many other important details which have not been discussed in this blog . every real estate transaction is different depending on the wants and needs of the buyer and seller . only a trusted real estate attorney can provide the personalized guidance necessary to ensure a successful transfer of real estate ownership . the attorneys at jorgensen , brownell & pepin have represented hundreds of real estate buyers and sellers throughout the years . whether you are buying or selling , call our real estate lawyers today to discuss your real estate sales transaction . we can help you determine if an installment land contract is the right tool for you .
on the 23 january 2018 , the government released its response to the consultation . in it , the government confirmed their intention to proceed with the amendments to the land registration rules 2003 . more info . . .
this article discuss handling payments on a wrap sale in colorado . a common question that often comes up is how payments are handled on a wraparound or “wrap” installment land contract in colorado . theoretically , the buyer pays the seller , and the seller pays his underlying lender . however , what if the seller decides not to pay [ … ]


allied dunbar was a large british life assurance group .

in its early years it was known as hambro life assurance and was listed on the london stock exchange and was once a constituent of the ftse 100 index .

however it was acquired by bat industries , merged with eagle star , and sold to zurich financial services in 1998 .

allied dunbar

allied dunbar and eagle star each manage about pounds 15bn . threadneedle will continue to manage the 70 allied dunbar funds and the 170 eagle star funds separately , at least initially .
zurich financial services has rebranded the allied dunbar franchise network . renamed the zuri . . .
st james’ place set up shop when i was working as a self - employed adviser for allied dunbar . it now looks very much like the allied dunbar i knew in those days
one former allied dunbar person says this is one of the worst cases he has ever seen .
allied dunbar was undone because it fell into the hands of a parent ( zurich ) with a wider global ambition than the management of allied dunbar could deal with . it didn’t suit zurich to have allied dunbar’s embarrassing book of business when it was championing a different set of values through its other uk businesses and its global business model .
if you need to make a complaint about allied dunbar’s products or services ( now zurich ) , please get in touch .
only astronomical returns could have paid off peter morrison ' s loan . but that didn ' t stop the allied dunbar salesman
allied dunbar says :
we are treating this as a formal complaint and will investigate this as a matter of urgency .
the financial services authority has fined allied dunbar assurance £725 , 000 for serious flaws in its procedures for handling mortgage endowment complaints .
explanation is needed . recent relations between dunbar and money marketing have been interesting , shall we say . dunbar feels a little hard done by .
then fragile edifice of the sjp advisory model will crack , as did allied dunbar’s . sjp will continue to manage its £80bn of money under advice , but advisers will find themselves disconnected from the revenues they brought to the company ( as happened at allied dunbar ) .
stagnitti k , schoo am , reid c , dunbar j . retention of allied health professionals in the south - west of victoria .
stagnitti k , schoo am , reid c , dunbar j . access and attitude of rural allied health professionals to cpd and training .
the fsa says the flaws occurred between may 2001 and april 2003 and exposed a large number of allied dunbar customers to potential loss .
a repayment loan would have cost £425 . but in may 2001 , allied dunbar admitted that the real endowment cost should have been £311 .
sjp has unashamedly achieved what zurich would not let allied dunbar do , and become a means to appeal to the vanity of high net worth individuals . it has created the club - like atmosphere that those who are easily flattered respond to . this is what allied dunbar lost ,
allied dunbar assurance has become the second financial services company to be fined by the city regulator for mishandling customer complaints about endowment mortgage policies .
vivienne says : ' we feel bitterly let down by allied dunbar . our adviser never mentioned that the policy might not meet its target . '
evaluation of the victorian allied health workforce recruitment and retention projects : final report .
stagnitti k , schoo am , dunbar j , reid c . an exploration of issues of management and intention to stay : allied health professionals in south west victoria , australia .
but that did not stop mr curzon . wearing a second hat as an allied dunbar
financial planning consultant
, he persuaded mr morrison to sign up for a new endowment .
bat industries , the tobacco and insurance giant , is merging the fund management arms of allied dunbar and eagle star to form the uk ' s tenth - largest investment management house .
threadneedle ' s 60 investment managers will move into eagle star ' s offices in st mary axe in the city . the 70 eagle star staff involved in property management will move into allied dunbar ' s sackville street offices in the west end . the back - office staff are largely based at the allied dunbar and eagle star head offices in swindon and cheltenham .
to help us reunite you with any policies that you may have taken out with zurich , or from other companies which now make up zurich , such as allied dunbar , eagle star , allied hambro and hambro life , just give us a call on 0370 333 1500 .
the financial services authority said allied dunbar was guilty of ' serious flaws ' in its procedures for handling mortgage endowment complaints , which exposed a large number of its customers to potential loss .
what else has he achieved ?
we have turned allied dunbar upside down in the last six years in terms of the quality and the way that we deliver service to clients .
if ever proof were needed that fining life companies is a waste of time , it was delivered today as the financial services authority imposed a big fine on allied dunbar over mortgage endowments .
zurich financial services has rebranded the allied dunbar franchise network . renamed the zurich advice network , it will continue to operate with the strategy of offering a range of brands along with . . .
some 1 , 000 customers are involved and although the total figures may not be large for a company like allied dunbar , the potential losses matter enormously to the homebuyers concerned . any allied dunbar customer who has had a claim for endowment mis - selling rejected , and is unhappy with this decision , should get in touch with the firm as soon as possible and ask to have their case reviewed .
will ifas give up their much valued independence ? dunbar says it has recruited 32 ifas so far this year .
not only has allied dunbar been guilty of mis - selling endowment linked mortgages , but it has now been found seriously wanting in its handling of compensation , rejecting what the fsa clearly thinks are legitimate claims .
we launched in 2005 , but we’ve been present in the uk financial advice market for more than 40 years . you may remember us better as hambro life , allied dunbar and , more recently zurich advice network .
mr greener will chair threadneedle , with kenneth inglis , currently chairman of allied dunbar asset management , as his chief executive . roger townsend , a director of eagle star life , will be managing director , operations .
allied dunbar / eagle star : about 110 , 000 endowments in force . imposed three - year time bar from receipt by saver of the red letter . policyholders have 12 months to complain after receiving second letter .
mr greener said allied dunbar had a strong research department , while eagle star had more experience of derivatives and international business . he wants to improve the quality of product development and of the research that underpins asset allocations .
he is keen to recruit ifas to the salesforce and is a little tetchy at publicity that he regards as less than helpful . why was dunbar known as allied crowbar ? baldwin blames envy from the rest of the industry .
the financial services authority announced that it has fined allied dunbar assurance £725 , 000 for ' serious flaws contained in its procedures for handling mortgage endowment complaints , which exposed a large number of its customers to potential loss . '
hundreds of customers of allied dunbar , whose complaints of endowment mortgage mis - selling were rejected , are to have their claims re - investigated after the company was fined £750 , 000 by the country ' s chief financial watchdog .
he said bat wanted to keep allied dunbar and eagle star as distinct brands , as they operated in different parts of the life and savings markets . but bat may consider combining the two companies ' computer services and administrative functions .
for any questions you may have on plans you took out through allied dunbar ( now zurich ) , phone our uk based team monday to friday 8 . 30am – 6 . 00pm and on saturdays 9 . 30am – 12 . 30pm
“people think they’re getting better quality when they’re paying a higher price , ” dunbar said . “that is so not true . ”
jobs & money was unable to contact mr curzon . he is no longer an allied dunbar salesperson . and his central mortgage firm has moved from rugby to llandrindod wells , says the mortgage code compliance board . but the phone has been disconnected .
vivienne , from branston , lincolnshire , is now recovering well . but when she complained about her endowment in march last year , the case was thrown out by zurich , which now owns allied dunbar , because she had been time - barred .
it was not really cheaper . on the £50 , 000 endowment mortgage , mr morrison had to pay £285 a month for the allied dunbar plan and £141 a month for his 3 . 49 % discounted staffordshire building society loan - £426 in all .
throughout the turbulent history of allied dunbar – it began as hambro life , was bought out by bat , joined umbrella group bafs , became a single marketing group with threadneedle and recently saw its parent merge with zurich – many have come and gone .
allied dunbar , which has sold 293 , 522 mortgage endowments since april 1988 , said it regretted the failings that have occurred . it said customer complaints procedure had been improved and that it was voluntarily reviewing complaints rejected between january 2000 and april 2003 .
but he was sold an allied dunbar endowment policy which was set to produce a shortfall no matter what colour the traffic lights . it could also cost him around £10 , 000 more than a repayment mortgage - even if it hits the home loan target .
the rural allied health workforce ( rahw ) study commenced in 2008 with a survey of all allied health professionals in rural nsw , followed by a series of focus groups to add depth to survey results and inform subsequent survey analysis . the overall aim of the rahw study was to identify factors contributing to the recruitment and retention of rural allied health professionals .
o’toole k , schoo am . retention policies for allied health professionals in rural areas : a survey of private practitioners .
the move is an example of the increased co - operation that bat wants to see between its two uk insurance businesses . george greener , the former allied dunbar chief executive , took over as head of the uk financial businesses last may to facilitate this process .
denham la , shaddock aj . recruitment and retention of rural allied health professionals in developmental disability services in new south wales .
there are an increasing number who are getting fed up to the back teeth with the increased admin load and the increased costs and the fact that they are not getting the things they really crave . the one thing that really distinguishes allied dunbar is professional development .
the financial ombudsman service is now the stokers ' only hope . with allied dunbar ' s permission , it has agreed to review their case . the fos will look at mis - selling cases that have been time - barred if the insurer agrees . most do not .
the flaws identified occurred between may 2001 and april 2003 . allied dunbar is now reviewing complaints rejected from january 2000 and april 2003 , including around 1 , 000 endowment complaints that were rejected during the period of breach and which in practice is the number of customers who may have suffered loss .
a 50 - year resident of allied gardens , carol dunbar says she is “ecstatic that i’m going to get organic fruits and vegetables at a store that i can walk to . ” paying less for some of her favorite items than she does at higher - end stores is also a perk .
but the perception of rivals is that dunbar is struggling somewhat . in a boom time for the life industry , its own business figures are less than inspiring .
about twenty years ago i took out a pension with allied dunbar . i couldn ' t tell you much about it as i ' m not very clued up on this sort of thing , but i do remember it was somehow linked to the government which meant it couldn ' t be cashed in early . i paid into it for a couple of years and then certain things happened in my life . i went off the rails for a while and forgot all about it for many years . i recently found part of an old statement from allied dunbar which reminded me of it and as it is due to mature in five years time , it got me thinking that perhaps i will be entitled to something for the couple of years i paid in ? so , i thought why not contact allied dunbar , inform them that i moved address some years ago and see where i stand - possibly even pay into it again for a few years ? only to find . . . . allied dunbar no longer exist . anyone got any advice on this ? is it worth persuing , or is it a non - starter ? if so , where would i persue it ? one thing i do have is the plan number , which i guess might help ?
about ten months earlier , in february 2001 , vivienne , 54 , and husband roy , 57 , had received a red letter from adviser allied dunbar . it warned that there could be a shortfall of as much as £29 , 000 on their £60 , 000 mortgage endowment policy , due to mature in 2017 .
chisholm m , russell d , humphreys js . measuring rural allied health workforce turnover and retention : what are the patterns , determinants and costs ?
manahan cm , hardy cl , macleod mlp . personal characteristics and experiences of long - term allied health professionals in rural and northern british columbia .
o’toole k , schoo am , hernan a . why did they leave and what can they tell us ? allied health professionals leaving rural settings .
allied , part of the zurich financial services group , has sold 293 , 000 mortgage endowments since 1988 . it has now introduced new complaints procedures .
keane s , lincoln m , smith tn . retention of allied health professionals in rural new south wales : a thematic analysis of focus group discussions .
keane s , smith tn , lincoln m , fisher k . survey of the rural allied health workforce in new south wales to inform recruitment and retention .
dunbar & # 39s plan to attract ifas looks to some like lions trying to recruit christians but baldwin says more and more independent advisers are learning the benefits of being a sales rep .
clearly allied dunbar should have been aware of its shortcomings in this area but it seems it just didn ' t care . the fsa accuses the firm of , ' a tendency to give disproportionate weight to sales advisers ' versions of events when assessing the facts surrounding the consumer ' s complaint . ' well they would , wouldn ' t they ?
o’toole k , schoo am , stagnitti k , cuss k . rethinking policies for the retention of allied health professionals in rural areas : a social relations approach .
the fsa also said allied assumed that customers who already had an endowment policy or other investments understood the risks associated with the product when buying a new one .
the sjp advisory model will continue to balloon , as allied dunbar did – until it finds itself pricked by legislation , after which it will deflate slowly till it becomes a shrivelled kernel of what it once was – rather like openwork . the wider business model appears to rely on the retention of margins on funds on advice whatever the situation with advisers .
the fsa said allied had also issued guidance notes to complaint handling staff in 2002 which contradicted guidance set out in a letter from john tiner issued two months earlier .
it was at this time that the direct salesforce was in full swing , one of the biggest being that developed at allied dunbar . set up by a trio of south african finance entrepreneurs , sir mark weinberg – who went on to found st james’s place – lord joel joffe and sir sydney lipworth , the company dominated the market throughout the 1980s and 1990s .
there are models that sjp might have aspired to that do not contain the phrases hambro life or allied dunbar . it might have aspired to provide the mutuality of equitable life or the direct to market model of hargreaves lansdowne . but it has done neither , and chosen to stick with the “restricted advice” model that served mark weinberg so well in the seventies and eighties .
keane s , smith tn , lincoln m , wagner sr , lowe se . the rural allied health workforce study ( rahws ) : background , rationale and questionnaire development .
its business model was to recruit the best salespeople . many who came through its doors went on to set up successful ifa practices or have big jobs in other firms . famous alumni , either at allied dunbar or its successor , zurich advice network , include : keith carby , simon chamberlain , richard freeman , andy thompson , richard coulson , gerry o’brien and david harrison .
for the first three quarters of 1997 , dunbar & # 39s new life and investment business fell by 4 per cent , even though sister company eagle star life saw a jump of 30 per cent .
sjp already has achieved its business purpose – it has the funds to be a magnificent zombie . but without a social purpose , i suspect it will become over the years to come an embarrassment to its salesforce as will the salesforce to sjp . this is what happened at allied dunbar and i see exactly the same thing happening to st james place in the next ten years .
grocery outlet bargain market owner / operator chris holbrook checks out the vegetarian fare at the store he is opening up on thursday with his wife , gay , in allied gardens .
allied gardens residents — and even people in neighboring grantville , san carlos and del cerro — have been clamoring for 2 ½ years for something to open at 5185 waring road .
i sense that sjp has very little to fall back on if the current trickle of abuse turns into a torrent . for this they have no - one to blame but sjp’s management which ( like allied dunbar’s thirty years before ) has been cash - cowing the business for some time . sjp’s failure to become the market leader in anything other than maintaining margins , makes it acutely vulnerable .
the nearly 14 , 000 - square - feet store in allied gardens will hold a grand opening celebration from 7 a . m . - 9 p . m . on saturday .
however , following visits to allied ' s offices , it concluded that about 1 , 000 endowment complaints received by the company between may 2001 and april 2003 could have been wrongly rejected .
the advisory model operated by sjp is too expensive to its clients . it works so long as the products work , but the products cannot work as they should because of their costs . the inefficiency of the sjp business model requires high amcs , hidden costs and obscure charges such as their punitive exit fees . it is precisely the business model sjp took from allied dunbar in the late eighties when it set up .
allied dunbar is by no means the first life company to be fined over mortgage endowments . the fsa has publicly disciplined royal scottish assurance and fined the company £2 million ; winterthur life £500 , 000 ; abbey life £1 million ; scottish amicable £750 , 000 ; and royal & sunalliance £950 , 000 in relation to mortgage endowments ; and friends provident £675 , 000 for the mis - handling of mortgage endowment complaints .
and this wasn ' t years ago when the company might argue that it wasn ' t up to speed with the compliance requirements of the fsa . this all happened between may 2001 and april 2003 . as the watchdog points out , ' allied dunbar ' s failure to deal appropriately with its mortgage endowment complaints occurred during a time when the fsa had placed great emphasis on the importance of adequate complaints handling systems . '
he was apparently good pals with ex - dunbar chairman george greener and was known internally as
george & # 39s familiar
. but bafs life chief executive phil smith and others have grown to respect his endeavour and loyalty .
collins k , jones ml , mcdonnell a , read s , jones r , cameron a . do new roles contribute to job satisfaction and retention of staff in nursing and professions allied to medicine ?
this is just st james’s place’s way of rewarding their high achievers ( i . e . those who write the most business ) . it is a throwback to the direct sales days of abbey life and allied dunbar when the top sales people were rewarded with overseas sales conventions , plush offices etc . st james’s place is a meritocracy where the high producers are given numerous rewards which don’t appear in the reduction in yield figures used in illustrations .
much of the existing literature for rural allied health workforce focuses on retention in the public sector [ 25 ] . however , the allied health professions are diverse , with some professions working primarily in public health settings ( e . g . occupational therapists ) , others primarily in private practice ( e . g . optometrists ) , and some that work in either sector ( e . g . physiotherapists ) [ 10 ] .
grocery outlet bargain market owner / operator chris holbrook checks out the vegetarian fare at the store he is opening up on thursday with his wife , gay , in allied gardens . ( karen pearlman / san diego union - tribune )
this study aims to explore conceptual themes represented as clusters in the 33 rahw survey items to identify whether the issues affecting retention of rural allied health professionals differ in relation to their business model , in either the private or public sector .
mean ages differed by profession , ranging from 32 . 7 years ( speech pathologists ) to 52 . 5 years ( pharmacists ) . the age and gender distribution of allied health professionals across the public and private sectors is shown in table
david smith , of wealth manager bestinvest , said :
almost every week we see customers with policies from allied dunbar [ now part of zurich ] where penalty charges of 10 % are not uncommon , while some older npi policies have the double whammy of a penalty to transfer out plus what ' s called a ' market value adjuster ' , which adds up to 20 % . they may be trapped in funds where the annual bonuses have often fallen to zero and where they can ' t effectively get out until retirement age .
norwich union admitted this week that 75 % of its endowment plan customers risked failing to hit home loan repayment targets . and zurich financial - the umbrella brand for allied dun bar and eagle star - revealed that 79 % of its policies could fall short .
public health funding levels that do not enable sufficient allied health workforce to meet service expectations risk further pressure driving ah professionals out of rural practice . while use of qualified allied health assistants has potential to extend rural ah workforce capacity and partially alleviate workload pressures [ 36 ] this will also require negotiation of appropriate wage structures and careful regulatory policy that balances training , access and safety [ 37 , 38 ] . other strategies such as a shift to a primary health care approach may ultimately reduce clinical demand , however it is likely that cpd and appropriate policy development would be required to facilitate this shift in practice .
where sjp have been astute is attempting to grow to a size that is ‘too big to fail’ so that is perhaps why the fca has dragged its feet on so many of the issues that have been reasonably raised here and i look forward to , if he can put aside his rather childish and largely ineffectual point - scoring , mervyn king’s answer to julian steven’s point regarding advice only fees if ifas are so out of touch with current practices . to sidestep this is to confirm to people their views of sjp are , in fact , correct . ps i used to work for allied dunbar so i know how direct sales force behaviour is driven and i didn’t fail , i just had enough of being treated like a mushroom !
allied dunbar £5500 . 00 having read articles on misselling i looked into it . i had taken out a policy to mature at £110k in 2000 . i received a letter in 2003 to say it had an expected shortfall of £11k . i thought sod this and cashed it in and got a repayment mortgage . earlier this year after hearing about the misselling i thought i ' d give it a bash ( other half thought i was mad ) . i got hold of the financial ombudsman gave a few details a few letters back and forth and lo and behold money . would just like to say thanks to all who work and advise on this site - without which i wouldn ' t have bothered chasing this ( now after woolwich for bank charges ! )
rural health workforce shortage is an international problem which has received considerable attention in recent years [ 1 ] . health workforce research in the medical profession is well established [ 2 , 3 ] while recruitment and retention of rural nurses is relatively less investigated [ 4 - 6 ] . still fewer studies have focused on the allied health professions [ 7 - 9 ] . retention of the existing rural allied health workforce is also problematic , with a recent study reporting that 42 % of survey respondents in nsw intended to leave their job within the next 5 years [ 10 ] . clinical consequences notwithstanding , workforce shortages can result in decreased productivity and burnout of remaining staff , as well as high vacancy and recruitment costs [ 11 ] .
policy initiatives to improve retention of the rural health workforce have relied primarily on evidence for rural doctors , most of whom practice under a private business model . much of the literature for rural allied health ( ah ) workforce focuses on the public sector . the ah professions are diverse , with mixed public , private or combined practice settings . this study explores sector differences in factors affecting retention of rural ah professionals .
the aforementioned rahw survey recruited from 21 eligible allied health professions across rural nsw with a sample size of 1823 respondents . sampling rates have been previously reported [ 10 ] and were estimated against 2006 australian bureau of statistics census data , except for professions not included in the census . sampling rates ranged by profession between 30 % and 54 % . this project was approved by the university of sydney human research ethics committee .
in this study high clinical demand increased intention to leave in both the public and private cohorts , even after adjusting for all other factors . results of rahw focus group research [ 39 ] support this finding . the inability to meet high clinical demand has been associated with emotional exhaustion in remote area nurses [ 40 ] . lenthall et al . , ( 2009 ) suggest that this situation is “exacerbated by a low - resource environment” [ 41 ] but results of this study did not identify resources as a significant contributor to retention for either allied health cohort .
this study compared respondents from the 2008 rural allied health workforce ( rahw ) survey recruiting all ah professionals in rural new south wales . comparisons between public ( n = 833 ) and private ( n = 756 ) groups were undertaken using chi square analysis to measure association for demographics , job satisfaction and intention to leave . the final section of the rahw survey comprised 33 questions relating to retention . a factor analysis was conducted for each cohort . factor reliability was assessed and retained factors were included in a binary logistic regression analysis for each cohort predicting intention to leave .
rural ah professionals with a strong motivation to ‘make a difference’ may need to be equipped with skills to be able to manage the emotional stress of being unable to meet clinical demand [ 33 ] by use of a thorough orientation on arrival and strong mentorship for those who are geographically isolated or new to rural practice [ 28 , 34 ] . at a policy level , funding of rural mentorship programs seems likely to meet with as much success in allied health [ 35 ] as it has in medicine [ 27 ] and these programs could be extended to ah professionals in both public and private sectors .
poor reliability of factor 6 ( specialist generalist ) may have been a reflection of questionnaire design as generalist work has been previously identified as favouring job satisfaction of rural ah professionals [ 43 ] . similarly , the ability to look into the important role of locums [ 9 ] was hampered by large amounts of missing data where survey questions did not apply to the respondents’ circumstances . with several items being not applicable to private practitioners it is also likely that the questionnaire design was biased towards issues affecting the public sector . further research is needed to clarify issues specific to the private sector in allied health .
the broad nature of rural practice has consistently been identified as having a favourable influence on both recruitment and retention in rural practice [ 39 , 42 , 43 ] . health service funding policy that rewards extended scope of practice may provide incentive to remain in rural private practice while simultaneously meeting the broad array of clinical needs in rural areas . “rural specialist” credentialing has been suggested for rural doctors [ 44 ] and the concept could be extended to the allied health professions as a means of ensuring public safety with extended practice roles . even within professional boundaries , rural ah professionals may lack confidence to cope with the role expansions required for rural practice [ 8 , 17 ] . better access to continuing professional development ( cpd ) may remedy this .
the items in factor 2 ( participation in community ) were diverse and the underlying concept is perhaps debatable . it is interesting that items statistically clustering in this factor reflected both the quality of relationships and altruistic motivation . it has been suggested that community is formed in a context of relationships combined with purpose [ 30 ] , hence the choice of title for this factor . our results point to a desire to meet community need [ 31 ] particularly in the public cohort where factor 2 ( participation in community ) was the strongest predictor of retention after adjusting for age group . these findings are consistent with o’toole et al . , ( 2008 ) suggesting the importance of social relationships in rural workforce retention in allied health [ 24 ] and also with research in respect of rural nurses [ 32 ] and doctors [ 27 ] .
most rural allied health workforce research has treated the group as a cohesive whole , both by profession and by sector . this paper demonstrates differences between those working in public versus private sectors and suggests that effectiveness of policy initiatives may be improved through better targeting . while orientation and mentoring are appropriate to both cohorts , early career opportunities and access to cpd may be best utilised in the public sector with a younger age demographic . in contrast locum support and recognition of “specialist generalist” expertise in more experienced rural practitioners may be more important for the older private sector . research is needed to identify the interplay of work roles , scope of practice and access to education enabling safe and competent clinical care , and evaluation research is needed to assess the feasibility and usefulness of extending workforce through use of qualified and supervised ah assistants to ameliorate high workloads .
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up to £100 in vouchers when you buy life insurance from zurich - use ' zoffers ' when you apply .
your home isn ' t just about the bricks , the glass and the tiles - it ' s also about the antique chairs , the brooch that ' s been passed down over the generations and the wind chime in your garden that your daughter made at school . if something happens to those things , it ' s not just your wallet that suffers - it ' s your whole world .
please note this extra is only available when taking out or renewing home insurance cover .
this covers you if a family member , friend or visitor is injured in your home of if an insured person is injured or hospitalised following an accident , with up to £25 , 000 bodily injury cover . please note , insured people under the age of 16 will only receive £7 , 500 in the case of accidental death and underwriters are not liable to pay out on a claim if the insured person is aged 70 or over on the day of the accident .
add this to contents cover to make sure your possessions are insured when you ' re away from home . if you lose a ring on holiday for example , personal possessions cover will insure you for the loss .
add this to your buildings or contents insurance to protect your home against unexpected events such as spillages on your carpet or a scorch mark to a kitchen work surface .
this protects your home against emergencies like burst pipes , boiler breakdown or repairs to a storm - damaged roof . it can also cover overnight accommodation costs if your home becomes unsafe or insecure . this cover is underwritten by amtrust europe limited and administered by arag plc .
add this to cover legal costs up to £50 , 000 if you or your family who live with you are involved in a legal dispute . this cover is provided by das legal expenses insurance company limited .
add this to cover your garden against plant , tree and ornament damage or loss for up to £2 , 500 .
you can add any of these optional extras to your plan at any point after you ' ve taken out a policy with us .
we aim to provide you with a high standard of service , and there may be times when you feel you haven’t received the service you expect from us .
according to the unclaimed assets register there ' s approximately £15 to £20 billion of unclaimed financial money in the uk .
a change of address is one of the most common reasons why people lose track of their insurance policies , pensions and investments over the years . death and failing to inform beneficiaries of financial accounts and policies is another .
we can easily check our records to see if you have any policies with us and this won ' t cost you a penny .
to help us with the search for any older plans you may have taken out with us , you may also need to provide us with any previous names , addresses and details of your employment history .
if you know the name of the company , you can call them directly as they will be able to check their records for you .
if you are trying to trace a pension provided by a former employer , you can also try the free pension tracing service which is run by the department for work and pensions and can be found on the urltoken website .
alternatively , you can contact the unclaimed assets register ( uar ) which is a service provided by experian . this is the national register of lost and unclaimed life , pension and investment plans . the cost of a search through the uar is currently £25 . 00 .
zurich is actively trying to reunite customers with their lost plans and unclaimed money . so if you do receive a letter from us , please get in touch . we may be able to reunite you with a lost policy and in some cases , return some money to you .
for inquiries related to this message please contact support . for sales inquiries , please visit urltoken
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investment week is hosting the great british pub quiz in aid of cascaid , initiative that brings the asset and wealth management communities together to raise £1million for great ormond street hospital in 2018 .
professional adviser is back this year with the multi asset roadshow , travelling to leeds , warrington , birmingham , bristol and london .
the investment week europe breakfast briefing will provide you with key insights from leading industry experts .
for nearly thirty years , the flickering orange - on - black screens of the bloomberg terminal have been omnipresent on trading floors and executive suite desks , maintaining a vital lifeline of data and communication .
as central banks move away from ultra - loose monetary policy , and the global economic expansion matures , bond fund managers will need to ensure their portfolios draw on a truly diverse range of sources of return . . . .
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partner insight : andy bennett , director of hartcliff financial planning and serena van der meulen , director at van der meulen associates met in london recently to discuss the topic : ' adviser approaches to outsourcing . '
the traffic lights are turning redder than ever for britain ' s army of endowment mortgage holders .
most of the 10 . 7m endowment mortgage holders were sold plans by commission - chasing advisers during the property price boom in the late 80s and early 90s .
but while most firms stopped endowment sales from the mid - 90s , a few car ried on selling . this was what happened to enfield resident peter morrison . the ( then ) new requirement from regulator financial services authority to work out potential future benefits using lower stock market growth rates didn ' t stop the salesman .
together with his wife donna , mr morrison ended up with a policy that needed an ultra - high growth rate if it was to pay off his loan .
three years ago , mr morrison , now 49 , needed a £120 , 000 mortgage . he already had endowments to cover £70 , 000 of borrowing , and needed financing for the other £50 , 000 .
a red light on an endowment update means the policy needs 8 % or more growth each year to succeed ; an amber light needs a less demanding 6 % to 8 % , while a policy which will work if the annual increases are below 6 % has a green light .
the projected maturity values on his plan , supposed to produce £50 , 211 , showed that at 4 % annual growth it would produce £37 , 800 ; at 6 % , it would end up with £42 , 300 and even at 8 % - the most optimistic rate allowed by the fsa watchdog - he could look forward to just £47 , 800 , equal to a shortfall of £2 , 411 .
i saw an advert in a mortgage magazine for a firm of brokers in rugby . i was attracted by an offer of low legal and other costs ,
he says . the broker was central mortgage and financial services , owned by wade j . curzon .
we already had £70 , 000 in endowments from the 80s and i was worried about them due to the adverse press . and neither of us really needed life insurance , as we were well covered by our workplace schemes ,
he says .
he decided we both needed a lot of insurance , including private medical care and long - term care . but what swung it was he said an endowment was cheaper than a repayment and if i agreed , he would pay my legal fees .
at the same time , the discount ended and mr morrison had to pay 5 . 74 % . now the interest rose to £239 , giving a new total of £550 . but the repayment loan was now £470 . the endowment was costing about £80 a month more .
over the remaining life of the loan , mr morrison could expect to pay almost £10 , 000 more and end up with a shortfall of up to £8 , 000 .
he never told me any of this . he never sent me a repayment loan schedule ,
says mr morrison .
there is some insurance but this is too much .
the small print shows why mr curzon was so eager to sell the endowment . as a mortgage broker , he would receive
less than £250
( usually £100 ) from the staffordshire .
but by selling the endowment , curzon would receive £1 , 975 in the first year and a further £1 , 272 over the life of the policy - a £3 , 247 total .
mr morrison says :
i want compensation so i am back where i should have been with a repayment loan .
© 2018 guardian news and media limited or its affiliated companies . all rights reserved .
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