This is a contract whereby the buyer agrees to purchase all timber as designated for removal by the seller. Seller will also grant the buyer the right of ingress and egress to remove the timber from seller's land.
Kentucky Land Contract Form
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How to fill out Kentucky Timber Sale Contract?
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FAQ
In a land contract, the buyer does not pay for the property in one go, but in payments. The seller is also the lender, and the buyer does not receive a deed of ownership until all payments have been made.
The most significant disadvantage of a land contract is the amount of risk both parties take on.
Put simply: You can't evict the buyer under a land contract. The Kentucky Supreme Court has ruled that a default on a land contract must be treated like a default on a mortgage debt. In other words, the owner must file a foreclosure action and the property will be sold at a judicial auction.
(Rupees ), will be received by the FIRST PARTY from the SECOND PARTY, at the time of registration of the Sale Deed, the FIRST PARTY doth hereby agree to grant, convey, sell, transfer and assign all his rights, titles and interests in the said portion of the said property, fully