Land Installment Contract Form printable pdf download

Land Installment Contract

This Agreement made and entered into by and between

hereinafter called the Vendor and

hereinafter called the Vendee. Witnesseth: The Vendor, for himself, his heirs and assigns, does hereby

agree to sell to the Vendee, their heirs and assigns, the following described real estate

together with all appurtenances, rights, privileges and easements and all buildings and fixtures in their

present condition located upon said property.

1. CONTRACT PRICE, METHOD OF PAYMENT; INTEREST RATE: In consideration whereof,

the

Vendees

agree

purchase

the

above

described

property

for

the

sum

__________________________ ($

) Dollars, payable as follows: The sum of

$_____________________ as down payment at the time of execution of the within Land Installment

Contract, the receipt of which is hereby acknowledged, leaving principle balance owed by Vendee of

$_____________________________ together with interest on the unpaid balance payable in consecutive

monthly installments of $______________ beginning on the _______day of _________________ 20

and on the ___________ day of each and every month thereafter until said balance and interest is paid in

full, or until the _______ day of ____________ 20

whichever event occurs first. The interest on the

unpaid balance due hereon shall be __________(

%) percent per annum computed monthly, in

accordance with a ______month amortization schedule during the life of this Contract.

Payments shall be credited first to the interest, and the remainder to the principle or other sums due

Vendor. The total amount of this obligation of both principle and interest, unpaid after making any such

application of payments as herein receipted shall be the interest bearing principle amount of this

obligation for the next succeeding interest computation period. If any payment is not received within

________________(

) days of payment date, there shall be a late charge of ______________ ( %)

percent assessed. The Vendees may pay the entire purchase price on this contract without prepayment

penalty. The monthly installments shall be payable as directed by the Vendor herein.

2. ENCUMBRANCES: Said real estate is presently subject to a mortgage and the Vendor shall not place

any mortgage on the premises in excess of the then existing Land Installment Contract balance without

first obtaining the written permission of the Vendees. In the event the Vendor should become delinquent

in payments on the mortgage, the Vendees may pay the same and credit said payment to the contract

price.

3. EVIDENCE OF TITLE: It not being the custom in this area, the Vendor shall not be required to

provide an abstract or guarantee of title, state-merit of title, title insurance, or such other evidence of title,

but said responsibility shall rest entirely with the Vendees.

4. RECORDING OF CONTRACT: The Vendor shall only cause a copy of this contract to be recorded

in the County Recorder's Office within a period of twenty (20) days after the execution of this Contract

by the parties hereto if the laws of the state of _____________________ require recordation.

5. REAL ESTATE TAXES: Real estate taxes shall be prorated to the date of the closing. When the real

estate

taxes

become

due

and

payable,

the

Vendees

shall

pay

same

directly

the

_________________________ County Treasurer and provide proof of payment to the Vendor, or at the

Vendor's election. Vendee may be required to pay 1/12th the annual amount for taxes to Vendor and

allow Vendor to pay taxes when due.

6. INSURANCE AND MAINTENANCE: The Vendees shall keep the premises insured for at

least_______________________ Dollars against fire and extended coverage for the benefit of both

patties, as their interest may appear, and provide a copy of the said policy to the Vendor or any

mortgagee. Vendor may elect to collect 1/12th of the annual premium each month and pay for the

insurance policy annually. Vendor herein shall have the right to enter the premises at least once per year

with twenty-four hours notice to Vendees of his interest to exercise his right. Vendees shall keep the

building in a good state of repair and well painted at the Vendee's expense and no major additions or

alterations shall be made to the building without the Vendor's permission, which shall not be

unreasonably withheld. At such time as the Vendor inspects the premises and finds that repairs are

necessary Vendor shall request that these repairs be made within sixty (60) days at the Vendee's expense.

The Vendees have inspected the premises constituting the subject matter of this Land installment

Contract, and no representations have been made to the Vendee by the Vendor in regard to the condition

of said premises; and it is agreed that the said premises are being sold to the Vendee as the same now

exists and that the Vendor shall have no obligation to do or furnish anything toward the improvement of

said premises.

7. POSSESSION: The Vendee shall be given possession of the above described premises at Contract

execution and shall thereafter have and hold the same subject to the provisions for default hereinafter set

forth.

8. ASSIGNMENT: The Vendees shall not sell, assign, or pledge their interest in this Land Installment

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Land Installment Contract Form

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