Land Installment Contract - DOC - DOC by PrestigeLegalDoc

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This contract is an agreement between a buyer and seller whereby the seller finances the sale price of the property on an installment basis and retains the ownership and legal title until the obligation is paid in full or until some prearranged timetable of payments is met. It is often used in place of a purchase money deed of trust or mortgage.

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									      LAND INSTALLMENT CONTRACT (LAND CONTRACT)

THIS LAND INSTALLMENT CONTRACT (“Contract”) is made and entered into this_____ day
of ___________, 20 ___, by and between ______________________________________,
(hereinafter referred to as "Vendor"), and ____________________________________________,
(hereinafter referred to as "Vendee"), collectively referred to Parties.

Witnesseth: The Vendor, for himself, his heirs and assigns, does hereby agree to sell to the
together with all appurtenances, rights-of-way, privileges and easements and all buildings and
fixtures in their present condition located upon said property mentioned herein (“Property”).

1. PROPERTY

Vendor agrees to sell to Vendee, and Vendee agrees to purchase, upon the following terms and
conditions, the real estate, improvements, fixtures, appurtenances, commonly known as:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
__________________________________________________________________

The legal description of which is as follows:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
__________________________________________________________________

(hereinafter referred to as "Property"):

The sale of the Property shall also include the following fixtures and personal property
associated with the Property (unless specifically excluded below), all of which (if any) are
owned by Vendor free and clear of all liens and encumbrances, including
______________________________________________________________________________
______________________________________________________________________________
__________________________________________________________ (Included Items).

The following items are specifically excluded from this Contract and shall not be transferred to
Vendee as a part of the Property:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________ (Excluded Items)




Vendor’s Initials ______                                     Vendee’s Initials _______
2. PRICE AND PAYMENT

2.1 The Purchase Price for said property is _________________________________
($_______________) payable as follows:

________________________________ ($ _________________) on execution of this Contract,
receipt of which is hereby acknowledged.

2.2 The balance of ____________________________ ($ _________) to be paid in installments
of ________________________________ ($ ___________) per month (which include the
principal and interest) payable to Vendor on or before the 1st day of each month commencing on
________________, 2001 until such time when the full amount of said purchase price is paid.
Interest rate at ____________ per annum will be paid on remaining unpaid principal balance.
Each such installment, when received by Vendor, shall be credited first to the payment of the
interest on the remaining unpaid balance of such purchase price due to date of receipt of such
installment, then to the reduction of the unpaid principal balance of such purchase price. If
payment is not received by the 15th of each month, there will be an additional $35.00 late fee
charge added to that month’s payment.
(If there are alternative ways of payment, please describe in clause 2.2)

2.3 Vendee may prepay all or part of the balance amount of the principal and interest at any time
and without any penalty and without notice. Such prepayment shall not include unearned
interest.


3. CONDITION OF PROPERTY

Vendee states he/she has made an inspection of said property and is purchasing in “AS IS
CONDITION” without any type of warranty thereon. Vendee further understands that Vendor
has not made and does not make any representations or warranties of any kind as to the condition
of the Property, buildings, improvements or fixtures located thereon, and/or the location of the
boundaries of the Property.


4. POSSESSION

Vendee shall be entitled to enter into possession of property on the ______ day of
________________, 2001 and to continue in possession thereof so long as he/she is not in
default in the performance of this Contract.


5. DELIVERY OF DEED

Upon full payment of this Contract, Vendor shall issue a General Warranty deed conveying to
Vendee good and marketable title to said Property as evidenced by a title guarantee in the full
amount of the purchase price procured and paid for by Vendor.




Vendor’s Initials ______                                      Vendee’s Initials _______
6. EVIDENCE OF TITLE

The Vendor shall be required to provide an abstract or guarantee of title, statement of title, title
insurance, or such other evidence of title at Vendor's expense upon request from the Vendee.
Such evidence of title shall show marketable title of the Property conveyed free and clear of all
encumbrances except those mortgages or liens, if any, mentioned herein, easements, restrictions,
limitations, reservations, covenants and conditions of record not coupled with a possibility of
reverter, right of reentry or other reverter right which amounts to a qualification of the fee, and
subject also to applicable zoning ordinances and real estate taxes for the year in which the deed is
delivered, and thereafter.

7. TAXES AND ASSESSMENTS

Vendee shall pay all general and special taxes, liens and charges including any and all
assessmen
								
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