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					        LAND INSTALLMENT CONTRACT (LAND CONTRACT)
    Sellers (Vendors)___________________________________________ (330) 376 -1177, agree to sell the
property located in the city of Akron, Ohio at: ____________________________________, to Buyers
(Vendees), __________________________________ ____________________________(mailing address above).
Vendors warrant title to be free of liens or encumbrances and agree to deliver a general
warranty deed upon payment in full. Vendor w arrants clear title in accordance w ith the
prevailing custom, proof on demand.
    This sale includes parcel numbers and lots only as described in the legal description
attached. The sale of the property is in “as is” condition with no warranties express or implied
and vendees agree to accept the property “as is” without any w arranty from the vendors. Vendees
have done a full w alk through inspection, are fully satisfied with the condition and cleanliness
of the property, and are advised to obtain inspections and legal advice prior to signing this
agreement.
The purchase price in full is $______________________________ (net to seller).
This is to be paid pursuant to terms as follow s:
Price     $_________________
Dow n $_________________
Balance $________________ to be paid over ____________months in payments of $_____________per month
due on or before the first of each month. (Fair rental value)
                                 VENDEE TO OBTAIN OUTSIDE FINANCING:
On or before tw o years from the signing of this contract, vendee shall obtain financing for the
balance due (estimated to be the balance after the 24 th payment is made). This is NOT A
MORTGAGE, and requires the buyers to be able to get outside financing after 2 years. FAILURE TO
                                                                                                    th
OBTAIN OUTSIDE FINANCING AND CLOSE W ITHIN 60 DAYS OF THE FINAL DATE (the due date of the 24
payment) W ILL RESULT IN LOSS OF THIS CONTRACT. ALL MONIES PAID W ILL BE CONSIDERED RENT
PAID, W ITH NO REFUNDS, ABATEMENTS, OR EQUITY GIVEN TO THE VENDEE. It is recommended that the
vendee seek and obtain financing as soon as possible from the date of signing of this contract.
                                PREPAYMENT OR ACCELERATED PAYMENT:
Vendor may refuse any accelerated, partial, or lump sum payments other than the balance in
full.
                                                INTEREST:
The interest rate shall be 7% per annum on the unpaid balance. (See attached payment schedule
for breakdow n of each payment).
                                             LATE PAYMENTS:
Late payments shall carry a $5.00 per day fee until paid; such fee does not reduce the vendee’s
balance and is considered a penalty. Cure of default more than 30 days overdue may, at vendor’s
option, carry a $500 fee in addition to all actual costs incurred. Vendor shall not be required to
allow cure when a payment is more than 30 days overdue, but may do so at mutual agreement.
                                                   TAX:
In addition, vendee shall pay the sum of $___________per month for property tax to the vendors.
This sum w ill be adjusted on Jan 1 of each year for that year based on the county’s assessment,
and may be changed without prior notice only based on actual vendor’s cost. Vendee shall be
responsible for all special assessments. The most current printout from the auditor is attached
hereto if applicable.
                                                  WATER:
In addition, vendees shall reimburse vendor for the actual usage of w ater, sewer, and trash
pickup as billed per the w ater meter reading in advance on or before the first of each month.
Vendee is a BUYER, not a tenant, and failure to pay the w ater bill w ill result in shutoff and
eviction for breach of this contract.
                                             IMPROVEMENTS:
Vendee is responsible for the cost and performance of any and all repairs. Vendee shall not,
without prior express consent of vendors, modify the property in any manner including removal
or installation of any item, carpet, paint, or any mechanical improvement. Vendee agrees that
forfeiture proceedings and eviction proceedings may be brought under this clause as a material
breach of this agreement.
                       YOU ARE A LIMITED -RIGHTS BUYER (VENDEE), NOT A TENANT
Vendee is making payments as a limited -rights buyer and understands that vendee has none of
the protections of a tenant pursuant to ORC 5321, 1923, 5313. This contract is meant to be in
compliance w ith all Ohio and local laws and any conflict is reformed in favor of those law s.
Vendor shall, within 21 days of signing, cause a copy of this contract to be recorded. As of this
signing vendors w arrant that there are no know n pending orders of any public agency against
this property. Vendors are making no promises to repair anything at all and will perform no
repairs or improvements not specifically noted in this contract. Vendors have made no verbal
promises or representations not contained in this contract and this contract is the entire
agreement between the parties.
                                           ATTACHMENTS
The follow ing items are given to the vendees for reference and are NOT a part of this contract:
1.) Copy of ORC 5313 (Ohio law on land contracts); 2.) Federal lead paint disclosure; 3.) Ohio sale
disclosure 4.) property tax information, auditor’s card; 5.) payment schedule and estimated
balances for the term of the contact (this w ill serve as the yearly required statement under ORC
5313).

                                         LEGAL DESCRIPTION
The legal description of the property:




WARNINGS: This is a land contract and you are a “buyer”, not a tenant. You
agree that the house is sold to you AS IS and that you have conducted a full
walk through inspection. This is not a mortgage and if you fail to pay you can
be evicted. DO NOT sign and put up down payment money (IT IS NOT A SECURITY
DEPOSIT) unless you are sure you will be able to get bank financing within 2
years. If you can’t you will LOSE your down payment, and all other payments
you made will go as rent. If you are in doubt as to your legal rights and
obligations it is recommended that you seek legal counsel before signing.

Vendor (Seller)____________________________Date____________


Before me, a notary public appeared the testator, who stated the facts contained herein are true
to the best of testator’s know ledge.


Notary________________________________________Exp_________




Vendor (Seller)____________________________Date____________


Before me, a notary public appeared the testator, who stated the facts contained herein are true
to the best of testator’s know ledge.


Notary________________________________________Exp_________




Vendee (Buyer)____________________________Date____________


Vendee (Buyer)____________________________Date____________

				
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