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Contract for Sale of Property -Installment Payments

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					This Contract for the Sale of Property with Installment Payments is sale of a real
property (land) between a seller and buyer wherein the buyer pays a down-payment at
the time of execution of the agreement, and pays the balance of the purchase price in
equal installments over a period of time. This document in its draft form contains
numerous of the standard clauses commonly used in these types of agreements, as
well as optional language allowimg for customization to ensure the specific terms of the
parties' agreement are addressed. This document may be used by the seller or by the
purchaser of property.
                                CONTRACT FOR SALE OF PROPERTY


THIS CONTRACT FOR SALE OF PROPERTY (hereinafter referred to as “Contract”) is made
and entered into this _____ day of ___________, 20 ___, [Instruction: Insert date, month and
year of agreement.] by and between ______________________________________, [Instruction:
Insert      Seller’s      name.]       (hereinafter      referred      to      as "Seller"), and
____________________________________________, [Instruction: Insert Purchaser’s name.]
(hereinafter referred to as "Purchaser"), collectively referred to as “Parties.”

BACKGROUND:

Seller agrees to sell and convey Purchaser, and Purchaser agrees to buy from Seller the property
described below.

    1. PROPERTY

The property (“Property”) shall include the following:

(a) Property Address: ____________________________________________________________
[Instruction:    Insert   full   address]  or    more    specifically    described    as:
_______________________________ [Instruction: Insert more specific description, for
example, a metes and bounds description from a deed if available.] or as described in the
attached Exhibit B.

(b) Inclusions: __________________________________________. [Instructions: Include any
additional improvements such as improvements, and accessories. If none, write none.]

(c) Exclusions: The following improvements and accessories will be retained by Seller and
excluded: _____________________________________________________________________.
[Instruction: Include any items not being included which would typically be part of the
home, for example, any built ins, exterior landscaping out outbuildings, fixtures within the
home       including     mantelpieces,     light    fixtures,   switch       plates,    etc.]

    2. PURCHASE PRICE

The Total Price shall be ___________ ($__________) dollars. [Instruction: Insert price.]

    3. PAYMENT OF THE PURCHASE PRICE

(a) The Purchaser shall pay _________________ ($____________) dollars which is equal to
_____________ (      %) percent of Initial Purchase Price, to Seller as a down payment (“Down
Payment”) within ____ ( ) days from the date of the execution of this Contract. [Instruction:
Insert applicable amounts.] (The date of payment of the Down Payment shall be referred to as
the “Down Payment Date.”)




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(b) The remainder of the Purchase Price shall be paid in ___ ( ) [Instruction: Insert number of
payments to be made.] equal installments (each installment payment shall be referred to as
“Installment Payment”), as per the payment schedule in Exhibit A.

(c) An additional interest payment (“Interest”) shall be charged on the outstanding balance of the
Purchase Price, which shall accrue at the rate of ________ (         %) percent [Instruction and
Comment: Insert interest rate percentage. Sellers should be aware some states have
maximum permitted interest rates, and should conduct research to ensure they do not
charge more than that. Additionally, if no interest is charged, there may be a tax burden to
the Parties, and in such instance, Seller and Purchaser should seek the advice of a
sophisticated attorney and tax professional to determine what the possible tax
consequences of such a zero interest loan.] per annum, commencing as of the date of payment
of the Down Payment and ending upon the payment of the Purchase Price in its entirety.


    4. DEFAULT INTEREST

(a) In the event that the Purchaser fails to pay any Installment Payment by the due dates set forth
herein, the Purchaser shall pay to Seller a late payment interest of ________ (        %) percent
[Instruction and Comment: Insert interest rate for default payments. Sellers should be
aware some states have maximum permitted interest rates, and should conduct research to
ensure they do not ch
				
DOCUMENT INFO
Description: This Contract for the Sale of Property with Installment Payments is sale of a real property (land) between a seller and buyer wherein the buyer pays a down-payment at the time of execution of the agreement, and pays the balance of the purchase price in equal installments over a period of time. This document in its draft form contains numerous of the standard clauses commonly used in these types of agreements, as well as optional language allowimg for customization to ensure the specific terms of the parties' agreement are addressed. This document may be used by the seller or by the purchaser of property.
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