§ 763.1 Introduction.
Primary source
Verbatim text below is from the Electronic Code of Federal Regulations (eCFR), a public-domain U.S. government work. Always verify the current version with the eCFR before relying on it for any legal matter.
Full Text
Purpose.(a) The Land Contract Guaranteed Program provides certain financial guarantees to the seller of a farm through a land contract sale to a beginning farmer or a socially disadvantaged farmer.
Types of guarantee.(b) The seller may request either of the following:
The prompt payment guarantee plan.(1) The Agency will guarantee an amount not to exceed three amortized annual installments plus an amount equal to the total cost of any related real estate taxes and insurance incurred during the period covered by the annual installment; or
The standard guarantee plan.(2) The Agency will guarantee an amount equal to 90 percent of the outstanding principal under the land contract.
Guarantee period.(c) The guarantee period is 10 years for either plan regardless of the term of the land contract.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.