Land Contract, Home Insurance, and Taxes

[Tony Tran]

Hello All,

I am fairly new to how land contract works. I hear it is not to difficult to do between Buyer and Seller. Here is my scenario:

I am looking to sell a property of mine via land contract and the Buyer is willing to put a sizable down payment. Once all the documents are signed:

1. Do I need to file it with the county or anything?

2. How are property taxes paid if the property in still my name (or company's name)? Do I have to do anything differently?

3. How does a land contract affect a home insurance? Do I have to do anything differently to be the insurance binding so they don't flake?

4. Is the down payment received taxed as capital gain?

Thank you,

Tony