We hear about the term Land Contract, what is a land contract anyways?
We like to say that it’s an agreement between the land or property seller and the buyer. When the property seller negotiates the sales terms and wants to put that in writing, you need a meeting of the minds and come to an agreement how much will be paid. Along with the amount is the date on when payments are received monthly, and if it isn’t paid on time will there be a penalty for being late? How much are the property taxes? How many months will payments exist? Does the buyer want to pay the remaining balance, and will there be any money added because of missed interest payments not received? This is called a prepayment penalty clause. How will the name on the Deed be prior to recording? Is the buyer married, will it be in both names?
These are a few important agreements that need to be included on any agreement of real property.
The land contract form that is sold here include all these clauses and more. You just fill in the blanks in your word pad text editor. The terms and conditions in this land contract form will put your mind at ease.
We’ve added sample text in the Form. Visually seeing the sample filled in becomes easier to replace with your own property information.
Download now, fill in the details, save for when your property has it’s buyer.