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____________