Land Contract Sale Addendum Form printable pdf download

Land Contract Sale Addendum

The Addendum is attached to and made a part of a certain Buy & Sell Agreement between the undersigned parties dated

_______________ covering property commonly known as ____________________________________________________________

ALL PARTIES SHALL INITIAL ANY CLAUSE WHICH IS PART OF THIS BUY & SELL AGREEMENT

Sale on Land Contract Down Payment of the sum of $________________ and the execution of a Land Contract acknowledging

payment of that sum and calling for the payment of the remainder of the purchase money within _________ years from the date of the

Contract at a rate of ___________ percent per annum.

If the Seller’s title to said land is evidenced by an existing Land Contract with unperformed terms and conditions substantially as

above set forth and the cash payment to be made by the undersigned on consummation hereof will pay out the equity, an assignment

and conveyance of the vendee’s interest in the land contract with an agreement by the undersigned to assume the balance owing

thereon, will be accepted in lieu of the contract proposed in the preceding paragraph. If the Seller has any accumulated funds held in

escrow for the payment of prepaid taxes or insurance the purchaser agrees to reimburse the Seller upon the proper assignment of same.

Purchase(s)

Seller(s) The undersigned parties further agree that any initialed clauses below are to be incorporated into

Initials

Initials and become a part of the land contract.

A._______

______ Land Contract principal and Interest payment of $ ______________.

B._______

______ Land Contract Payment will be an interest only payment of $______________.

REAL ESTATE TAXES AND INSURANCE

A._______

______ Purchaser agrees to pay all taxes and special assessments, when due, and submit proof of payment to Seller

within sixty (60) days from the due date.

B._______

______ Purchaser agrees to pay an additional monthly amount of $____________ which is an estimate of 1/12 of

the annual costs of (taxes), (special assessments), (and insurance), which shall be credited by the Seller to

the unpaid principal balance of the land contract. Seller shall pay said (taxes), (special assessments), (and

insurance) before any penalty attaches and add amounts so paid to the principal balance of the contract on

their due date. This amount may be adjusted periodically to approximate the total for (taxes), (special

assessments), (and insurance).

C._______

______ Purchaser agrees to insure said property with a hazard insurance policy, in an amount satisfactory to Seller

and financial institution. If there is an underlying mortgage, or vendor, must be added as an additional

insured to the extent of the interest during the term of this contract.

PAYMENT DUE AND TAX PRORATION

3._______

______ Purchaser(s) first monthly payment is due 30 days from the date of closing. Taxes will be prorated as of

the closing date. If Seller occupies the property after closing, Seller will pay use and occupancy in

accordance with paragraph 2 of the Buy & Sell Agreement. In addition, if payments are to be due on the

first of the month place and “X” here _____ In this case, purchaser will pay interest at closing for the

period from the closing date to the first of the first of the following month and the first payment will be

due 30 days later.

OTHERS

4._______

______ If there is a present mortgage and/or land contract on this property, the parties agree that the holder of said

mortgage and/or land contract shall be contacted by the Seller prior to closing to determine if there are any

provisions or requirements if the property is sold on a land contract and shall notify the Purchaser thereof

upon receipt of such requirements, if any,

5._______

______ At any time during the term of this land contract Purchaser may assume the existing mortgage. Sellers

agree not to reduce the principal balance of mortgage other than by the normal required monthly payments.

Land Contract Sale Addendum

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Land Contract Sale Addendum Form

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