Land Contract Template printable pdf download

Land Contract

PARTIES, this Contract, made this __________ day of ___________, _______, between

_______________________ (the “Seller”), whose address is _________________________ and

____________________ (the “Buyer”), whose address is ________________________________

upon the following terms and conditions:

1. DESCRIPTION OF PREMISES. The Seller agrees to sell to the Buyer land in __________

City/Township, _________ County, Michigan with a street address of ______________and

legally described as: __________________________.

Together with all improvements, appurtenances, tenements and hereditaments (the

“Premises”); but subject to easements and restrictions of record and zoning laws and

ordinances affecting the Premises.

2. PRICE AND TERMS. The Buyer agrees to purchase the Premises from the Seller, and to pay

a purchase price of _______________________ and 00/100 Dollars ($__________.00) of

which the sum of _____________________ 00/100 Dollars ($_____________) has been

paid. The Buyer agrees to pay to the Seller the balance of _______________________00/100

Dollars ($_____________) together with interest on any principal from time to time unpaid,

in the following manner: Monthly payments in the amount of _________________________

/100 Dollars ($_________), is due on or before the ___________ day of _____________,

20__ and _______________ and __/100 Dollars ($_________) is due each month thereafter

until ____________________, 20__ at which time all sums including interest is due.

The interest mentioned above shall be at the rate of __________ percent (__%) per annum,

from ____________________, 20__ computed monthly and first deducted from each

payment with the remainder applied to principal. Any payment of principal and interest not

paid when due shall be assessed a one time late charge of __________ percent (__%), and in

addition shall bear interest upon the interest portion of the payment until paid at the above

stated Contract interest rate but not to exceed __________ percent (__%). Both the late

charge and the interest upon interest shall be separate amounts owed under this Contract and

shall be due and payable immediately upon the occurrence of the default. All payments shall

be made at Direction of the Sellers.

3. POSSESSION. The Buyer shall receive possession of the Premises on ________________

and shall be entitled to retain possession only so long as there is no default by Buyer in

carrying out the terms and conditions of this Contract. Possession is also subject to the

following rights of any tenants in possession: None.

4. WASTE. The Buyer shall at all times maintain the Premises in the same condition it was in

on the date of giving possession, reasonable wear and tear excepted, and the Buyer shall not

Land Contract Template