A real estate loan contract is used as the official evidence between the borrower and the money lender where the loan is given to buy a real estate property. This type of contract includes the details of the lender and the borrower, specifications of the real estate property included and commitment clauses.
Sample real estate contract:
Real Estate contract Number: 22/ MC
This real estate loan contract is entered between Mr. George J Darren, hereinafter known as the Lender, AND, Mr. Christopher G Brown, hereinafter referred as the borrower.
Permanent address details of the parties:
- The Borrower
Address: #78, Spring Blvd, CA, USA
Phone: 404 408 4739
- The Lender
Address: #32, Kimberly St. , CA, USA
Working Phone: 6454 760 132
This contract is commencing on December 9th, 2011 and is ending on December 9th, 2013.
- Details of the Real Estate Property involved:
Address: House no. #78, Spring Blvd, CA, USA
Hereby, to obey the real estate loan contract, following mentioned are the conditions:
Borrower has received an amount of $ 20,000 from the Lender, with an interest rate of 9% per year to buy the above mentioned real estate property.
- Obligations & Responsibilities:
The Lender will receive $1000 per month as the monthly instalment as loan repayment, whereas Borrower has to clear out all real estate taxes and charges on the property during the loan period.. Borrower will have to pay these instalments until the principal amount and applied interest are fully paid back.
Hence, both the parties are requested to validate the contract:
Signature of the Lender:
Mr. George J Darren
Singed by the Borrower:
Mr. Christopher G Brown
Signature of the Witness:
Craig Lee Pitman