A commercial contract for deed, as the name shows is a commitment for buying land and building for certain official purposes. Such a contract can be commenced between two or more parties.
Sample Commercial Contract For Deed:
Contract registration Number: 578/ BL
This commercial contract for deed is commenced between Mr. William Harrison, address: 45/ L, Building No: 67, Wing- D, Near Sunrise Bakery, New York America, hereinafter reefed as the owner.
Eagle industries Pvt. Ltd, located at: Plot Number: 67/ L, Industrial Area- B, New York, America, hereinafter referred as the buyer party.
The details of the property for which the contract is produced:
Address: 56/ L, Building No: 89, Bakers Street, New York, America
Details of the payment commitment:
Advanced amount as a down payment of $ 345670 is already paid to the owner.
The buyer party will pay $ 5678 as a monthly instalment to the owner on 7th of every month.
This commercial contract for deed is effective from November 30th, 2010 and is ending on November 30th, 2012.
Following mentioned are the term & conditions for this contract between both the parties:
The owner will transfer the temporary power to the name of the buyer party. After completing all the instalments, the contract will be over and the power of attorney will automatically go to the new owner.
Buyer party duties:
The buyer party will pay all committed payments on time and keep a record for the same.
The contract can get terminated if the buyer party is not paying instalments honestly and both the parties are facing some legal issue. In this case, the guilty party has to pay 50% of the total amount to the alleging party.
Hereby, both the parties are requested to validate the contract:
Signature of the Owner:
Signature of the buyer party:
Signature of the Solicitor: