A land installment contract is used to sign off the agreement of selling the real estate property from the seller to the buyer according to the terms and conditions laid down in the land installment contract agreement. The below is a sample land instalment contract for reference.
Sample land installment contract:
Land Installment Contract
Parties and Date: This contract is entered into on 31 Aug, 2009 between Allen Keller, referred to as the “seller” and Richard Ruston, referred to as the “buyer”.
Sale and legal description: The seller agrees to sell to buyer and the buyer agrees to purchase from seller the following described real estate in United States in the state of Indiana.
Price: Buyer agrees to pay
- Total price
Less down payment
Less assumed obligations
Amount financed by seller
Payment of amount financed by seller:
Buyer agrees to pay to the seller as follows
- $100,000 or more at buyer’s option on or before the 1st day of Sept 2009, plus interest from closing at the rate of 10% per annum on the entire balance thereof.
- Buyers to execute promissory note in favour of the seller in the amount of $150,000 at 10% interest only, payable monthly, on the first of each month and 30 days from closing.
Acknowledgement by the parties:
Signature of the owner: Allen Keller
Address: 4309 S Morgan Street, Chicago, Illinois, 60609, United States
Date: 09th Jan 2010
Signature of the contractor: Richard Ruston
Date: 10th Jan 2010
Address: 123 Park Avenue, Edison, New Jersey, 08817, United States