Missouri Contract for Deed
Also known as a Missouri Land Contract, Installment Land Agreement or Contract or Agreement for Deed Forms
Download the forms you need in Minutes!
U.S. Legal Forms™, Inc. provides Missouri contract for deed forms, including Contract, Assignment of Contract and other related forms. Free previews are available before you purchase. Download your form in Word format.
Missouri Contract and Initial Forms
Contract for Deed Form
»This is the form for creation
of the contract for deed agreement between Seller and Purchaser. This form
allows the Seller and Purchaser to elect specific requirements concerning
purchase price, interest, and payment terms. Also, fees related to insurance
and taxes can be set in the direction of Seller or the Purchaser at their
option before the signing of the agreement.
Real
Estate Disclosure Statement
» This form is used
when the property being transferred subject to the contract for deed contains
a residence. Sellers that wish, or are required, to disclose the residential
property conditions should use this form to describe conditions as they
exist at the time of the contract signing.
Seller
Disclosure Notice for Lead Based Paint for Contract for Deed
» This form is used when the
property being transferred subject to the contract for deed contains a
residence. Lead based paint could be present in less modern structures
and pose a potentially lethal health hazard to children and sometimes adults.
A Seller wishing to inform Purchasers of the risks associated with lead
paint may do so with this form.
Seller's
Disclosure of Financial Terms for Contract for Deed
» This form is similar to
the annual accounting statement in that it provides information regarding
payment and financing terms of the contract for deed. This form is used
at the time of signing rather than as a yearly update of payments.
Accounting
Seller
Annual Accounting Statement for Contract for Deed
» This form is used by the
Seller to provide an annual accounting of the payments made toward the
contract for deed by the Purchaser. This form provides a basic description
of the payments made and the payments remaining due under the Agreement.
Buyer's
Request for Annual Accounting Statement
» Should a Purchaser desire
an accounting statement be prepared by the Seller at any time during the
term of the agreement, this form would be used for that request. In order
to maintain reasonable use of this form, it is discouraged for Purchasers
to use this form more than once per year.
Assignment
Assignment
of Contract for Deed
» This form is used when the
Seller wishes to transfer his or her rights under the contract for deed
to another person or entity. An example would be when the Seller's right
to receive payments from the Buyer is transferred to a bank or similar
establishment.
Notice
of Assignment for Contract for Deed
» This form is provided to
the Purchaser by the Seller when a Seller assignment has occurred. This
form notifies the Purchaser of the new Assignee and provides any new addresses
where payments should be sent.
Default and Forfeiture
General
Notice of Default for Contract for Deed
» This is a general default
notice that can be used by the Seller to notify Purchaser of being in default.
This form allows the Seller to notify the purchaser of the reason why the
contract for deed is in default, the performance required to cure the default,
and the Seller's planned remedy in case the Purchaser does not cure.
Notice
of Default - Past Due Payments Under Contract for Deed
» This is a notice of default
provided by the Seller to the Purchaser when the circumstances of the default
concern delinquent payments toward the purchase price of the contract for
deed.
Final
Notice of Default for Past Due Payments under Contract for Deed
» This is
the same notice as the Notice of Default - Past Due Payments, but provides
a more stern warning to Purchaser that if payment terms are not met by
the given deadline then the Seller will resort to the available actions
against the Seller to either cure the default or cancel the agreement and
receive damages.
Notice
of Default for Breach of Contract Terms Other than Non-Payment
» This form is used by the
Seller when Purchaser may not be in compliance with specific requirements
of the contract for deed that are not related to payments. This form is
used to point out those terms of the contract that are not being met by
the Purchaser and show the Purchaser what must be done in order to regain
compliance.
Notice
of Intent to Enforce Forfeiture Provisions Under Contract for Deed
» When a Seller wishes to
enforce the forfeiture provisions of the contract for deed notice of the
such intention should be provided to the Purchaser. Since forfeiture often
is the best remedy, this form should be used in almost all cases where
a default is imminent. If you are unfamiliar with the remedy of forfeiture
and the process of using this form an attorney consultation is recommended.
Final
Notice of Forfeiture and Demand Buyer Vacate Premises Under Contract for
Deed
» This form
is used to notify the Purchaser that all grace periods to cure default
have expired and Seller has now exercised his contractual right to pursue
forfeiture of all past payments by the Purchaser and repossession of the
property that was subject to the Agreement. Sellers should be careful to
follow any specific jurisdictional requirements regarding forfeiture before
the use of this form.
Disclosures
Real
Estate Disclosure Statement
» This form is used
when the property being transferred subject to the contract for deed contains
a residence. Sellers that wish, or are required, to disclose the residential
property conditions should use this form to describe conditions as they
exist at the time of the contract signing.
Seller
Disclosure Notice for Lead Based Paint for Contract for Deed
» This form is used when the
property being transferred subject to the contract for deed contains a
residence. Lead based paint could be present in less modern structures
and pose a potentially lethal health hazard to children and sometimes adults.
A Seller wishing to inform Purchasers of the risks associated with lead
paint may do so with this form.
Seller's
Disclosure of Financial Terms for Contract for Deed
» This form is similar to
the annual accounting statement in that it provides information regarding
payment and financing terms of the contract for deed. This form is used
at the time of signing rather than as a yearly update of payments.
Misc.
Buyer's
Notice of Intent to Vacate and Surrender Premises Related to Contract for
Deed
» This form is beneficial
in the sense that it allows the Seller some notice of a Purchasers intent
to vacate. The Seller would still maintain his rights to sue for breach
of the Agreement, but sometimes the contract for deed Purchaser is judgment
proof in that nothing would come out of a lawsuit even if won by the Seller.
With Purchasers that may fall into this risk category, a Seller may benefit
from the use of this form by the Purchaser.
Learn more about Contract for Deed by using our Contract for Deed Questionnaire
Top Questions about Missouri Contract For Deed
-
Is a contract for deed a good idea?
Whether a Missouri Contract for Deed is a good idea depends on your individual circumstances. For buyers seeking a flexible financing option without traditional bank requirements, it can be beneficial. However, careful consideration of the risks involved, as well as seeking legal advice, can help ensure that it aligns with your financial goals.
-
What is the interest rate on a contract for deed?
Interest rates on a Missouri Contract for Deed vary based on the agreement between the buyer and the seller. Generally, these rates can be higher than traditional mortgage rates, which reflects the risk and flexibility involved. Always negotiate terms clearly upfront and consider seeking assistance from USLegalForms to compare rates and terms effectively.
-
What are the risks of a contract for deed?
The risks associated with a Missouri Contract for Deed include the possibility of forfeiture of payments if default occurs, as sellers often have rights to reclaim the property. Additionally, buyers may face lack of legal recourse if issues arise regarding property conditions or if the seller defaults on their obligations, making due diligence critical.
-
What are the two disadvantages of a contract for deed?
One disadvantage of a Missouri Contract for Deed is the potential for losing your investment if you fail to meet payment obligations, as the seller retains the title until full payment is made. Another downside is that buyers may not have the same protections as they would with a conventional mortgage, which can expose them to risks in case of disputes.
-
Are contracts for deed legal in Missouri?
Yes, contracts for deed are legal in Missouri. They are a widely used financing option for purchasing property, especially for buyers who may not qualify for traditional mortgages. However, it is important to review the specific terms with care, as certain legal requirements govern these contracts.
-
Can I prepare my own quit claim deed in Missouri?
Yes, you can prepare your own quit claim deed in Missouri, but it requires attention to detail. If you choose this route, ensure you follow Missouri's legal requirements for the deed to be valid, including proper wording and signing. While a Missouri Contract for Deed might seem straightforward, having legal guidance can avoid complications later. Consider using platforms like US Legal Forms, which offers templates and instructions for creating your own deeds.
-
Who writes up a deed?
A deed is usually drafted by a real estate attorney or a title company specializing in property transactions. When creating a Missouri Contract for Deed, it’s beneficial to have a professional involved to ensure all legal requirements are met. They can also help clarify terms and protections included in the deed. This step can prevent misunderstandings and potential legal issues down the line.
-
How do I get a property deed in Missouri?
Getting a property deed in Missouri begins with the county recorder's office, where you can request a copy of the original deed. You may need to provide details such as the property's address or tax identification number. If you are dealing with a Missouri Contract for Deed, the seller will typically provide the deed at the closing of the agreement. Remember to verify that all documents are filed correctly to avoid future disputes.
-
How do I get a copy of my house deed in Missouri?
To get a copy of your house deed in Missouri, you should contact the local county recorder's office where your property is located. They maintain public records, including deeds, and can provide you with an official copy upon request. If you're involved in a Missouri Contract for Deed, having access to your original deed is important for your records. You may also find some information available online, depending on your county's resources.
-
Does a deed need to be notarized in Missouri?
In Missouri, a deed typically needs to be notarized to be valid. This requirement ensures that the signature is genuine and that the person signing the deed is doing so willingly. If you are considering a Missouri Contract for Deed, having it notarized protects both the buyer and seller. Always check with a legal professional to ensure you meet all necessary requirements.
Easy Order
