Land Contract Clause Samples
A land contract is a legal agreement in which the seller finances the purchase of real estate for the buyer, allowing the buyer to take possession and make payments over time while the seller retains the legal title until the contract is fully paid. Typically, the buyer makes a down payment followed by regular installments, and only upon completion of all payments does the title transfer to the buyer. This arrangement is often used when traditional mortgage financing is unavailable, providing a flexible alternative for both parties and ensuring the seller has security until the buyer fulfills their payment obligations.
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Land Contract. The parties agree to enter into a Land Installment Contract providing for a $ down payment and the balance bearing interest at the rate of % per annum, and with payment of $ per PROOF month, with the entire balance due . The title evidence shall be delivered by Seller(s) at or prior to execution of the Land Installment Contract, and that any further title examination or evidence shall be at the expense of Buyer(s). The cost of preparing and recording the Land Installment Contract shall be paid by ❏ Seller(s), ❏ Buyer(s) or ❏ Split Equally. ❏ ❏ ❏ ❏ ❏ ❏ ❏ or, ❏ ❏ ow
Land Contract. Buyer will purchase the property on land contract with a $ down payment and monthly installme nts of principal and interest in the amount of $ or more, including annual interest of percent. Buyer will pay the entire balance, which may require a lump-sum payment, within years after closing.
Land Contract. This Agreement is made and entered into by and between: (seller) whose address is: hereinafter called the Vendor and
Land Contract. As defined in the Recitals above. Leasing Guidelines. The leasing guidelines for the Project as approved (and amended) by the Members in accordance with Section 6.12.
Land Contract. If this Agreement provides for a land contract both Parties agree to execute a State Bar of Wisconsin Form 11 114 Land Contract, the terms of which are incorporated into this Agreement by reference. Prior to execution of the land contract Grantor shall 115 provide the same evidence of merchantable title as required above and written proof, at or before execution, that the total underlying 116 indebtedness, if any, is not in excess of the proposed balance of the land contract, that the payments on the land contract are sufficient 117 to meet all of the obligations of Grantor on the underlying indebtedness, and that all creditors whose consent is required have consented 118 to the land contract sale. Grantor may terminate this Agreement if creditor approval cannot be obtained. Grantor may terminate this 119 Agreement if Grantee does not provide a written credit report which indicates that Grantee is credit worthy based upon reasonable 120 underwriting standards within 15 days of acceptance. Grantee shall pay all costs of obtaining creditor approval and the credit report. 121 PROPERTY ADDRESS: [page 3 of 6, WB-35] CHECK ONE 122 Note: The contingency at line 123 is part of this Offer if marked, such as with an “x,” it is not if not so marked or marked N/A. 123 124 FINANCING CONTINGENCY: This Agreement is contingent upon ■ First Party ■ Second Party the purpose of this contingency) being able to obtain: (“Borrower” for STRIKE ONE INSERT LOAN PROGRAM CHECK APPLICABLE FINANCING BELOW 125 ■ land contract financing from the Other Party at closing as further described at lines 128 to 147 and 113 to 120. 126 ■ a (fixed) (adjustable) rate 127 first mortgage loan commitment as further described at lines 128 to 141 and 97 to 112, within days of acceptance of this Offer. 128 The financing selected shall be in an amount of not less than $ for a term of not less than years, amortized 129 over not less than years. If the purchase price under this Offer is modified, the financed amount, unless otherwise 130 provided, shall be adjusted to the same percentage of the purchase price as in this contingency and the monthly 131 payments shall be adjusted as necessary to maintain the term and amortization stated above. 132 IF FINANCING IS FIXED RATE the annual rate of interest shall not exceed % and monthly payments of principal and 133 interest shall not exceed $ . 134 IF FINANCING IS ADJUSTABLE RATE the initial annual interest rate shall not exceed %. The initial interest rate sha...
Land Contract. It is understood that simultaneously with the execution of this Agreement, the Seller herein shall purchase certain land as set forth in the contract attached hereto as EXHIBIT D ("the Land Contract"). In the event that this Agreement and the attached agreement are not simultaneously executed and the purchase of the land completed as set forth in the attached contract, this Agreement shall be terminated and the Purchaser shall be relieved of any obligation hereunder.
Land Contract. As defined in the Recitals above.
Land Contract. Delivery of a Land Contract for inclusion in the Borrowing Base requires delivery to the Custodian of the following Collateral Papers, each of which must be in form and substance satisfactory to Seasoned Warehouse Agent, in the following manner:
1. A Submission List that, among other things, identifies the documents being delivered to Custodian for that Land Contracts Borrowing.