NAICS Code 541191-03 - Land Contracts

Marketing Level - NAICS 8-Digit

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  • Industry Codes (Primary and Secondary SIC & NAICS Codes)
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  • Employee Count
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Looking for more companies? See NAICS 541191 - Title Abstract and Settlement Offices - 8,286 companies, 30,434 emails.

NAICS Code 541191-03 Description (8-Digit)

Land Contracts is a subdivision of the NAICS Code 541191 that involves the preparation of legal documents that facilitate the sale of real estate property. This industry is responsible for creating contracts that outline the terms of the sale, including the purchase price, payment schedule, and any contingencies. Land Contracts are often used in situations where the buyer is unable to obtain traditional financing, and the seller is willing to finance the sale themselves. This industry plays a crucial role in the real estate market by providing an alternative to traditional financing options.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 541191 page

Tools

Tools commonly used in the Land Contracts industry for day-to-day tasks and operations.

  • Contract templates
  • Legal software
  • Document management systems
  • Electronic signature software
  • Real estate appraisal software
  • Property management software
  • Accounting software
  • Customer relationship management (CRM) software
  • Real estate listing websites
  • Online payment processing systems

Industry Examples of Land Contracts

Common products and services typical of NAICS Code 541191-03, illustrating the main business activities and contributions to the market.

  • Owner-financed real estate sales
  • Land contract sales
  • Lease-to-own agreements
  • Rent-to-own agreements
  • Installment land contracts
  • Contract for deed sales
  • Bond for deed sales
  • Land installment contracts
  • Agreement for deed sales
  • Contract sales

History

A concise historical narrative of NAICS Code 541191-03 covering global milestones and recent developments within the United States.

  • The Land Contracts industry has a long history dating back to the 19th century when it was first introduced in the United States. During this time, land contracts were used as a way for individuals to purchase land without having to go through traditional financing methods. Instead, the buyer would make payments directly to the seller over a set period of time until the full purchase price was paid off. This allowed many people who would not have been able to afford traditional financing to become landowners. In recent years, the Land Contracts industry has faced some challenges due to increased regulations and scrutiny from government agencies. However, it remains an important part of the real estate industry in the United States.