What Is A Land Contract Form?
If you want to purchase or sell land without having to deal with the lender, then you need the land contract forms. This is a good way when someone is selling a unique property, or the buyer has no access to mortgage or others. Using this way means the seller is acting as the private lender. In this case, the payment method depends on the agreement whether want to do it with a down payment or monthly payment with a certain interest rate. Typically the contracts are wone within 3-5 year balloon which means the borrower has the 15-30 year loan structure. However, the borrower should pay the balance fully within 3-5 years.
Besides, having the land contract should be recorded with the county so it becomes official. For your information, the buyer will not get the ownership unless all of the payment is completed.
What Do We Need To Know About The Land Contract?
A land contract comes in many forms which can be modified by both parties because this is basically an agreement. Therefore, our forms are editable and customizable. Most of the forms are available as the basic agreement which each of them can be added another detail. The forms are available in Doc and PDF format.
Besides, the land contract doesn’t have to be complicated but it should be clear, readable and understandable by both parties. Making good terms and conditions is crucial things. In the agreement, the seller is obligated to transfer the ownership to another party who is purchasing the property.
What Are The Basic Information Should Be Added in The Contract?
The land contract should have buyer and seller details including names, address and so on. Besides, it is possible that there will be more than one buyer, so make sure you write down all the details.
- Write down the detail of the property too.
- Mention the details of financing as well as the price of the property.
- Mention also the money deposit and also option related to termination.
For the real estate contracts, these are usually made for residential properties which are ready for occupancy. This type of contract can also be used for the yet-to-be-finished property. Our templates will help the users to make a professional contract with the following reference
- Bilateral and Unilateral Purchase Agreement – WE include the unilateral agreement that gives the buyer the option for not being obligated to buy the property.
- Financing Terms – Just like other real estate properties, financing will include the third-party financing option which provides details about the loan made.
Finally, our samples give you the basic things you need in making the land contracts that you can edit and customize. It comes with a standard form which is easy to understand by both parties. You can also discuss it with your clients about the agreement and call the attorney to make it legal.
Don’t forget to download our templates here. They are all free. We also provide another template that suits any kind of need.
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