What is an essential element that must be included in a real property land contract?

In a real property land contract, one essential element that must be included is the total purchase price. This element is critical because it defines the financial obligation of the buyer to the seller and provides clarity regarding what both parties are agreeing to. Without a stated total purchase price, the parties have no clear understanding of the monetary aspects of the contract, which could lead to disputes and make the contract unenforceable.

The other elements, while important, do not capture the fundamental financial agreement that is central to a land contract. The duration of the contract, the location of the property, and the closing date are also details that matter, but they do not hold the same weight in defining the core agreement between the buyer and seller regarding the exchange of property for a specified payment amount. Therefore, the total purchase price stands out as a crucial requirement in a land contract, ensuring both parties are aligned on the principal term of the agreement.