Georgia Agreement or Contract for Deed for Sale and Purchase of Real Estate a/k/a Land or Executory Contract
What is this form?
The Agreement or Contract for Deed for Sale and Purchase of Real Estate, also known as a Land or Executory Contract, serves as a written agreement between a seller and a purchaser for the purchase of real property using owner financing. Unlike a traditional mortgage, the seller retains title to the property until the agreed-upon purchase price is fully paid. This form is essential for facilitating owner financing agreements where the seller acts as the lender, providing a clear structure for payments and property transfer.
Form components explained
- Sale of Property: Defines the property to be transferred, including legal descriptions.
- Purchase Price and Terms: Specifies the total purchase price, payment schedule, and interest options.
- Time of the Essence: Emphasizes the importance of timely payments.
- Security Agreement: Establishes that the contract serves as security for payment obligations.
- Maintenance Obligations: Outlines responsibilities for maintaining the property during the contract period.
- Conditions of Improvements: Clarifies that the property is accepted as-is without warranties from the seller.
Situations where this form applies
This form is used when a buyer is interested in purchasing real estate but prefers or requires owner financing rather than conventional bank financing. It's suitable for situations where the buyer may have difficulty securing traditional loans, allowing for flexible payment terms directly with the seller. This type of agreement can also be beneficial in markets where quick property transactions are needed.
Who needs this form
- Individuals or entities looking to sell property through owner financing.
- Buyers who are unable to secure a conventional mortgage or prefer financing through a seller.
- Real estate investors interested in facilitating sales with flexible payment options for property acquisition.
How to prepare this document
- Identify the parties involved by entering the names of the Seller and Purchaser at the top of the form.
- Specify the property being sold, making sure to include its legal description.
- Determine and fill in the total purchase price and any payment terms, including installments or interest rates.
- Review maintenance and insurance obligations to ensure understanding of responsibilities.
- Have all parties sign and date the agreement to make it legally binding.
Does this document require notarization?
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to fully outline all terms of payment, including interest rates or fees.
- Neglecting to include a clear legal description of the property.
- Not having all parties sign the agreement, which can render it unenforceable.
- Ignoring local laws that may affect the enforceability of the contract.
Why use this form online
- Convenience: Access and complete the form at any time from anywhere.
- Editability: Easily modify sections to fit your unique terms and conditions.
- Reliability: Rely on professionally drafted forms reviewed by licensed attorneys.
What to keep in mind
- The Agreement or Contract for Deed offers a flexible financing option for real estate transactions.
- It is important to clearly outline all payment terms and property descriptions to avoid misunderstandings.
- Understanding state-specific requirements can ensure legal compliance and enforceability.
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FAQ
Assignment of contract takes place when one party to a contract (the assignor) transfers the legal obligations of the contract to another party. The recipient of the assignment (the assignee) then assumes responsibility for the terms of the contract.
Contact information for both parties. Location/state whose laws apply to the agreement. Terms and conditions of the business relationship. Terms of payment. Start date of the agreement. End date of the agreement.
Negotiate the basic terms. State the purpose of the contract and the identity of the parties on the first page. Identify the property using its legal description. State the amount of the down payment if any. List the purchase prince, the interest rate, and the total purchase price (purchase prince plus total interest.)
A real estate deal can take a turn for the worst if the contract is not carefully written to include all the legal stipulations for both the buyer and seller.You can write your own real estate purchase agreement without paying any money as long as you include certain specifics about your home.
Yes, recording is not required to make the land contract valid. It just makes third parties aware of its existence.
The letter should be direct, simple and exclusive. The letter should clearly state all aspects of clauses and provisions. The letter should state the clauses from both sides. The role and duties of each party should be specified in it.
At a minimum, a land contract should list the address of the real estate and the full legal description of the property, the purchase price, down payment amount, the monthly payment amounts and term, number of payments to be made, and any balloon payment required.
A land contract is a real estate transaction in which a buyer finances a property by making installment payments to the seller. The buyer gains access to the home, but the seller maintains the legal title until the buyer pays off the loan.
Land contracts are useful instruments for sellers who are selling a home and contemplating carrying the financing for a buyer. It gives sellers a built-in income and generally a better interest rate than rates offered on money market accounts or certificates of deposit.
