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Installment
Land Contract
Also known as: Installment Sale Land
Contract, Real Estate Contract, Contract For Deed.
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Installment Land Contract
Land contracts or contracts for deed are a security agreement between a seller, called a Vendor, and a buyer, called a Vendee. The Vendor agrees to sell a property by financing the purchase for the Vendee. The Vendor retains legal title and the Vendee receives equitable title. The owner-carried financing can include an existing mortgage balance or the property can be free and clear. Upon payment in full, the Vendor hands the Vendee a deed to the property.
Installment Land Contract/Partial Sample
1. Parties and Date. This Contract is entered into on _________ [date], between _________, husband and wife, as "Seller" and _________, husband and wife as "Buyers".
2. Sale and Legal Description. Seller agrees to sell to Buyers and Buyers agree to purchase from Seller the following described real estate in _________ County, State of _________:
[Legal Description Here]
3(a). Price. Buyers agree to pay: Total Price
Less Down Payment
Less Assumed Obligation(s)
Amount Financed by Seller
(b). Payment of Amount Financed by Seller. Buyers agree to pay the sum of $_____ as follows:
...
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Power of Sale
Some title companies draft and insure land contracts that contain a Vendor, a Vendee and a Trustee.
Like a trustor in a trust deed, the Vendor and Vendee assign right, title and interest to the trustee for the purpose of securing the Vendor's and Vendee's obligations.
In the event the Vendee stops making payments, the Trustee has the power to foreclose under the power of sale.
The process of filing a notice of default varies from state to state.
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Before you sign the agreement......
NOTICE : The information in this document is
designed to provide an outline that you can follow when
formulating business or personal plans. Due to the variances of
many local, city, county and state laws, we recommend that you
seek professional legal counseling before entering into any
contract or agreement.
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