Land Contract Insert Text Fields For Free

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 should spell out the purchase price, down payment, payment schedule, installment amount, interest rate, loan term and balloon payment amount, if applicable. Responsible party for home repairs. The buyer and seller agree upfront on who will make and pay for home repairs.

The main advantage of a land contract is that it's fairly easy to qualify for. As long as the seller is willing to go that route, there's little need for extensive credit checks.A land contract is often viewed as a way to "pay down the purchase price" before obtaining a regular mortgage to buy the property outright.

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.

It is possible for the interest rate to change over time, but the average interest rate has to be 11% or less. In general, the buyer is in charge of making all repairs and paying property taxes in most land contracts. Most contracts also say the buyer must get homeowners insurance.

The seller. The buyer. The property. The selling price. The down payment. The installment and balloon payments. The length of the contract.

Generally speaking, land contract agreements must always be formalized into writing and signed by the parties involved. The statute of frauds governs contract agreements and requires any contract involving the sale of land to be in writing.