Land Purchase Contract

Often when a buyer does not have credit ratings but wants to buy a home a land purchase agreement is used instead of bank loans.

Land purchase contract.

A real estate purchase agreement template is a convenient resource for use when making the legal purchase of a property. A land purchase agreement form is a contract that is signed by the buyer and the seller of a land where the seller allows the buyer to pay the amount owed in installments. Another title for this important legal document includes the agreement to purchase real estate. A land contract is a written legal contract or agreement used to purchase real estate such as vacant land a house an apartment building a commercial building or other real property.

The first party henceforth known as buyer agrees to purchase from the second party henceforth known as seller the land henceforth known as land located at the following address. The installment sales contract spells out the sales price the amount of down payment interest rate amount of monthly or periodic payments and the duties of each of the parties. Address in the city of city county of county and state of state further legal description of the land is as follows. It is drafted based on the mutual consent of the parties.

It is similar to a mortgage but rather than borrowing money from a lender or bank to buy real estate the. Land purchase agreement land purchase agreements is an arrangement between a seller of a property and a buyer to conduct payments gradually to the seller instead of the bank. You might also know of the purchase agreement as a residential real estate agreement or a real estate purchase contract. A land contract is a form of seller financing.

Insert name the seller agrees to sell and. The term land is misleading as a land contract can be used to purchase any type of real estate with or without improvements.