Customize your Land Contract step-by-step and be satisfied
Before getting your Free Printable Blank Simple Land Contract, know about its components to dodge any kind of mistake. A land contract is also known as a contract for deed.
What do you mean by a Land Contract?
A land contract is applied when a buyer of a real estate makes payment to a seller in monthly installments, instead of any conventional method. This is like an agreement paper from a seller. Though the buyer has legitimate right to possess the property, the seller postpones this handover of deed until he/she obtains the total price.
Components of a Free Printable Blank Simple Land Contract
A price is fixed after getting the approval of both parties. Then, an amount of down payment, monthly interest rate, and installment amount is determined. This said payment should be deposited to the seller within a particular date every month.
- Late fees
If the due date is over, the buyer has to pay late fees.
- End of contract
Both parties make an end of contract on a particular date, month and year.
For failure of payment, a seller has the right to declare the purchaser is defaulting.
After final payment, the seller renounces his/her right to the property, and the buyer takes all responsibilities of that acquired property.
- Insurance and taxes
The seller maintains an insurance policy for no loss of that estate he/she is going to sell. After disowning it, the liability of taxes is entirely upon the buyer.
Abiding by these rules about components, a buyer and a seller make transactions.