Land Contract When Buying

We use an agreement called Agreement for Deed when we buy on land contract.

Here are some clauses:

PRICE AND TERMS: Buyer hereby agrees to pay Seller for said property the sum of $_____________ plus any amount for taxes, insurance or other expenses as may be paid by Seller under this agreement.

Buyer has paid to Seller the sum of $__________ the receipt of which is herby acknowledged, leaving a principal balance owed by Buyer of $____________.

Such balance to bare an interest rate of ____% and paid in monthly installments to be amortized over ________ months in the amount of $________ beginning on the _____ day of ____________, 20_____ and payable on the ____ day of each month there after; [ ] until paid; [ ] until __________, 20_____ at which time the remaining balance is due.

Payments shall be credited first towards interest and the remainder to the principal or other sums due Seller.

If any monthly installment is not received with ____ days of the payment date, there shall be a late charge of ___% assessed.

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Buyer may pay the entire balance owing under this agreement at any time without penalty.

See Contact Page to make an appointment to learn how to buy on Agreement for Deed – Contract for Deed on Installment Land Contract.