CONTRACT FOR DEED by xld14276

VIEWS: 1,421 PAGES: 3

More Info
									                                          CONTRACT FOR DEED

        All parties are advised to consult legal counsel before signing this contract.

        THIS CONTRACT FOR DEED, made and entered into this _______ day of ________________,
20______, by and between _______________________________________________________________,
(include marital status or legal status, if not an individual), of ___________________________________________
___________________, (mailing address), hereinafter called Seller, and ________________________________
___________________________ (marital status), of _______________________________________________
___________________, (mailing address), hereinafter called Buyer. (If more than one seller or one buyer, all should
be included in this paragraph and all should sign at the end.)
      1. Description of Premises: The Seller agrees to sell to the Buyer that certain tract of land in the
County of ___________________, State of ___________________, more particularly described as follows:
(include the legal description found in the deed),




together with all improvements thereon, but subject to easements and restrictions and agreements of record and
zoning laws and ordinances affecting the premises.
        2. Price and Terms: The Buyer agrees to purchase from the Seller the above-described premises and
to pay a total purchase of _____________________________________ ($__________) Dollars as follows:

        (a) _____________________________________ ($__________) Dollars at the time of execution of this
Installment Sales Contract, receipt of which is hereby acknowledged by the Seller;

        (b) _____________________________________ ($__________) Dollars on _____________________,
and a like amount on the _______ day of each month thereafter to and including ________________________;

        (c) On _______________________, the principal balance plus accrued interest shall become due and
payable, at which time title shall pass to the Buyer.
        It is expressly understood that Seller shall finance ___________________________________________
($__________) Dollars of the said purchase price at the interest rate of __________ percent amortized over
____________________ (______) years. The buyer may prepay all or any portion of the principal amount at
any time without penalty.
        3. Possession: The Buyer shall have possession of the premises above described upon the execution of
this contract, and shall be entitled to retain possession thereof only as long as there is no default in carrying out
the terms and conditions hereof. The Buyer shall at all times maintain the premises and improvements thereon
in as good condition as the same are in at the date hereof, and the Buyer shall not commit or suffer any other
person to commit waste or, without the consent of the Seller in writing, remove, change, or demolish the
buildings in such a way as to diminish security;
        4. Taxes: The Buyer shall pay all taxes and all special assessments upon the premises which shall
become a lien after the date hereof, on or before the same become subject to penalties, and shall produce
evidence of the payment to the Seller. (In the event the seller wants an escrow account for taxes, this language should
be changed to include the escrow.)
                                                                                                           Page 1 of 3
        5. Insurance: The Buyer shall obtain, maintain, pay for and keep in force, fire and extended coverage
insurance covering the buildings and improvements now or hereafter on the premises with a loss payable clause
or other endorsement making the proceeds payable to the Seller and Buyer as their respective interests may
appear, with insurers satisfactory to the Seller in an amount not less than the principal balance due to the Seller
at the beginning of each renewal year, and shall deliver all such insurance policies to the Seller with premium
pre-paid. (In the event the seller wants an escrow account for insurance, this language should be changed to include the
escrow.)
         6. Disposition of Insurance Proceeds: In case of loss or damage as a result of which said insurance
proceeds are available, the Buyer may, within _______ days of said loss or damage, give to the Seller written
notice of Buyer’s election to repair or rebuild the damaged parts of the premises, in which event said insurance
proceeds shall be used for such purpose. The balance of said proceeds, if any, which remain after completion of
said repairing or rebuilding, or the entire said insurance proceeds if the Buyer elects not to repair or rebuild,
shall be applied first toward the satisfaction of any existing defaults under the terms of this contract and then as
a prepayment upon the principal balance owing, and without penalty, notwithstanding other terms of paragraph
two. Any surplus of said proceeds in excess of the balance or principal and interest owing herein shall be paid
to the Buyer.
         7. Insurance and/or Tax Default: In the case of failure of the Buyer to obtain, maintain, or deliver
said policies of insurance or to pay taxes or special assessments payable by the Buyer as above provided, the
Seller at his/her election may obtain such insurance and pay all premiums thereon and/or pay such taxes and
special assessments, and the sums so expended by the Seller shall be a lien on the premises and shall be secured
thereby and shall be payable by the Buyer forthwith with interest at the rate of __________ percent per annum.
         8. Default: If the Buyer shall fail to perform any of the covenants or conditions contained in this
contract, and should such default continue for thirty (30) days after Seller gives notice to Buyer as provided in
paragraph 9, Seller may institute legal proceedings for the foreclosure of this Installment Sales Contract, or
pursue any other legal or equitable remedy. In the event of legal action to enforce this Installment Sales
Contract, the Seller shall be entitled to costs, including reasonable attorney’s fees.
         9. Contents of Notice: The Notice specified in Paragraph (8) shall state the default or defaults of the
Buyer and shall be served as provided in Paragraph (13) hereof.
         10. Other Remedies: In addition to the remedies set forth in Paragraph (8) above, any other suit,
action of proceeding, either at law or in equity, shall be available to either party.
         11. Assignment: Any conveyance or assignment by the Buyer of any rights, duties, and/or obligation
of this Installment Sales Contract shall be null and void without the prior express written consent of the Seller.
         12. Conveyance: On full final payment of the principal and interest of the Contract For Deed within
the time and in the manner herein provided, together with all other sums chargeable against the Buyer herein
and upon full performance of the covenants and agreements herein on the part of the Buyer to be performed, the
Seller, his/her heirs, successors, executors, administrators or assigns, shall convey the premises above described
to the Buyer, or the Buyer’s legal representative, successors in interest, or assigns, by GENERAL
WARRANTY deed, subject to easements and restrictions of record and free from all other encumbrances except
such, if any, as shall then have arisen through the acts, neglects or consent of the Buyer or through the acts,
consent or neglects of others holding through or under the Buyer. Upon said final payment, the Buyer shall pay
all transfer taxes and transfer fees for the recording of said deed;
         13. Service of Notice: Any and all notices or demands provided for herein may be served and shall be
sufficient when served in accordance with the following: (a) by personal service, or (b) by depositing such
notice in the United States Post Office with postage full prepaid, by registered mail, return receipt requested,
addressed to the Buyer at the property address, and to the Seller at ___________________________________
_____________________________________, or at such other address as may be specified in writing by either
party to the other from time to time.




                                                                                                            Page 2 of 3
       IN WITNESS WHEREOF, The Buyer and Seller have hereunto set their hands, this day and year first
above written.

SELLER(s):                                              BUYER(s):

__________________________________________              __________________________________________
                              Date / Time                                             Date / Time

__________________________________________              __________________________________________
                              Date / Time                                             Date / Time

__________________________________________              __________________________________________
                              Date / Time                                             Date / Time

__________________________________________              __________________________________________
                              Date / Time                                             Date / Time




STATE OF____________________________
COUNTY OF__________________________

The foregoing Contract For Deed was signed, sworn to, and acknowledged before me this ____________ day of
__________________, 20______, by ___________________________________________________________.


                                                        __________________________________________
                                                        NOTARY PUBLIC
                                                        My Comm. Expires: _________________________




STATE OF____________________________
COUNTY OF__________________________

The foregoing Contract For Deed was signed, sworn to, and acknowledged before me this ____________ day of
__________________, 20______, by ___________________________________________________________.


                                                        __________________________________________
                                                        NOTARY PUBLIC
                                                        My Comm. Expires: _________________________




Prepared by: ______________________________________________________________________________________
__________________________________________________________________________________________________
(Signature, name, mailing address, and phone number of preparer.)
                                                                                              Page 3 of 3

								
To top