A land contract, as defined by Investopedia, is an agreement between both the buyer and the seller of the real estate property in which and in most cases the payment from the buyer to the seller is fully paid because the buyer is paying toward the full ownership of the property.
Another important matter to take note is that when it comes to the land sales contract, it is necessary for you to pay the property in full since the deed or the title of the property is held by the owner unless if it has been already fully paid. Consider checking out these Sample Contracts that you might find useful.
Vacant Land Sales Contract in PDF
Land Sales Contract Form
Land Purchase and Sales Contract
Aside from that, if this is your very first time purchasing a house and you opt to have it paid in full, then you would definitely be making a great use of the land sale contract for both you and your seller. In case you haven’t got any idea on how or where to start, you can just refer to some tips below. Other than that, you can also consider checking out this page’s Land Contract Forms that you may find useful and helpful.
- On a land sale contract, both parties (the buyer and the seller) should be rightfully indicated and stated by their full names along with their full address information and location.
- After indicating both of the buyer and the seller’s information details, the description of the land property should be detailed and indicated. For the most part, you can make use of or get a reference from the public record, which would depend on your government or the country where you live in.
- Aside from that, it is also important and necessary to state the exact date, month, and year of when the land sale contract took place or executed. After that, the terms and conditions of the contract then follows.
Standard Land Purchase and Sales Agreement
General Land Sales Contract
Sample Land Sales Contract
The terms and conditions of the land sale contract would contain and consist of the following:
- Price – this section of the contract should specifically state and indicate the buyer and the seller’s mutually agreed upon purchase price of the land property, clearly stating how much the buyer will be paying the seller in writing. Most often than not, most sellers would require a down payment in which payments proceeding after that will be on a monthly basis, depending on what was being agreed upon. If in any case that what was being agreed upon is a onetime payment in full, then so be it.
- Late fees – this section would specify that the buyer should initially agree to a monthly basis of payment until the full payment is achieved. It would also indicate that the buyer would face the consequences of having to pay “late fees,” which is then added monthly on top of the buyer’s fees if there was an indication that the payment more than the number of days that can consider the payment late.
- End of Contract – this part of the contract specifies that the purchase price should be paid by a specific date or deadline. If you weren’t able to pay such in full, then your remaining balance would bear interests, which is applied every month until it has been fully paid.
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