Land Contract printable pdf download

Land Contract.

Contract, by and between _________("Vendor," whether one or more) and _________("Purchaser," whether

one or more). Vendor sells and agrees to convey to Purchaser, upon the prompt and full performance of this contract

by Purchaser, the following property, together with the rents, profits, fixtures and other appurtenant interests (all

called the "Property"), in _________ County, State of _____________:

Tax Parcel No. _________

This is (is not) homestead property.

Purchaser agrees to purchase the Property and to pay to Vendor at _________, the sum of $_____ in the

following manner: (a) $_____ at the execution of this Contract; and (b) the balance of $_____, together with interest

from date hereof on the balance outstanding from time to time at the rate of _____% per year until paid in full, as

follows:

Provided, however, the entire outstanding balance shall be paid in full on or before _________[date]

_________(the maturity date).

Following any default in payment, interest shall accrue at the rate of _____% per year on the entire amount in

default (which shall include, without limitation, delinquent interest and, upon acceleration or maturity, the entire

principal balance).

Purchaser, unless excused by Vendor, agrees to pay monthly to Vendor amounts sufficient to pay reasonably

anticipated annual taxes, special assessments, fire and required insurance premiums when due. To the extent received

by Vendor, Vendor agrees to apply payments to these obligations when due. Such amounts received by the Vendor

for payment of taxes, assessments and insurance will be deposited into an escrow fund or trustee account, but shall

not bear interest unless otherwise required by law.

Payments shall be applied first to interest on the unpaid balance at the rate specified and then to principal. Any

amount may be prepaid without premium or fee upon principal at any time after _________[date] [or: There may be

no prepayment of principal without permission of Vendor].

In the event of any prepayment, this contract shall not be treated as in default with respect to payment so long as

the unpaid balance of principal, and interest (and in such case accruing interest from month to month shall be treated

as unpaid principal) is less than the amount that said indebtedness would have been had the monthly payments been

made as first specified above; provided that monthly payments shall be continued in the event of credit of any

proceeds of insurance or condemnation, the condemned premises being thereafter excluded from this Contract.

Purchaser states that Purchaser is satisfied with the title as shown by the title evidence submitted to Purchaser

for examination except: _________.

Purchaser agrees to pay the cost of future title evidence. If title evidence is in the form of an abstract, it shall be

retained by Vendor until the full purchase price is paid.

Purchaser shall be entitle to take possession of the Property on _________[date].

Purchaser promises to pay when due all taxes and assessments levied on the Property or upon Vendor's interest

in it and to deliver to Vendor on demand receipts showing such payment.

Purchaser shall keep the improvements on the Property insured against loss or damage occasioned by fire,

extended coverage perils and such other hazards as Vendor may require, without co-insurance, through insurers

approved by Vendor, in the sum of $_____, but Vendor shall not require coverage in an amount more than the

balance owed under this Contract. Purchaser shall pay the insurance premiums when due. The policies shall contain

the standard clause in favor of the Vendor's interest and, unless Vendor otherwise agrees in writing, the original of all

policies covering the Property shall be deposited with Vendor. Purchaser shall promptly give notice of loss to

insurance companies and Vendor. Unless Purchaser and Vendor otherwise agree in writing, insurance proceeds shall

be applied to restoration or repair of the Property damaged, provided the Vendor deems the restoration or repair to be

economically feasible.

Purchaser covenants not to commit waste nor allow waste to be committed on the Property, to keep the Property

in good tenantable condition and repair, to keep the Property free from liens superior to the lien of this Contract, and

to comply with all laws, ordinances and regulations affecting the Property.

Vendor agrees that in case the purchase price with interest and other moneys shall be fully paid and all conditions

shall be fully performed at the times and in the manner above specified, Vendor will on demand, execute and deliver to

the Purchaser, a Warranty Deed, in fee simple, of the Property, free and clear of all liens and encumbrances, except

any liens or encumbrances created by the act or default of Purchaser, and except: _________.

Land Contract

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