Indiana Contract for Deed Package

State:
Indiana
Control #:
IN-P023-PKG
Format:
Word; 
Rich Text
Instant download

Description

This package contains essential legal documents that are used for owner financing of real estate by using a Contract for Deed. The documents in this package are State Specific and include the following:


This package contains the following forms:


1.) A Contract for Deed;

2.) Assignment of Contract for Deed by Seller;

3.) Notice of Assignment of Contract for Deed;

4.) Seller's Disclosure of Financing Terms;

5.) Seller's Annual Accounting;

6.) Notice of Default for Past Due Payments;

7.) Final Notice of Default for Past Due Payments;

8.) Notice of Intent to Enforce Forfeiture Proceedings;

9.) Final Notice of Intent to Enforce Forfeiture Proceeding and Request to Vacate;

10.) General Notice of Default; and

11.) Seller's Disclosure of Forfeiture Rights



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Contract For Deed Package

Are you going to buy or sell property using a Contract for Deed? Simplify the process with US Legal Forms. Just answer a few questions to get a professionally drafted package of state-specific forms.

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FAQ

Generally, contract for deed sellers use IRS Form 6252 to report installment sales in the year in which they take place. You also use Form 6252 during each year you receive income from your contract for deed.

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.

Purchase price. Down payment. Interest rate. Number of monthly installments. Responsibilities of the buyer and seller. Legal remedies for the seller if the buyer does not make payments.

Sign a Land Contract 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.

One of the biggest negatives that can occur with a land contract is when a buyer purchases a property on which the seller is still making mortgage payments.

A land contract is traditionally defined as a conditional real property sale agreement.This agreement generally occurs when a buyer buys a property, but obtaining title is conditioned upon paying the entire purchase price plus any other interest and charges, as applicable. In Indiana, pursuant to Skendzel v.

The buyer must record the contract for deed with the county recorder where the land is located within four months after the contract is signed. Contracts for deed must provide the legal name of the buyer and the buyer's address.

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.

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.

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Indiana Contract for Deed Package