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What is Land Contract Form?
Land Contract Form is a fillable 4-page document form that is designed to collect information about the parties of the contract, detailed description of premises, terms of payment, seller’s and purchaser’s duties, and other important information. The form isn’t accompanied by other forms, but must be approved by the local notary office. Besides, the seller must confirm his or her right to property, while the purchaser must prove payment capacity.
What I need the Land Contract Form for?
Land Contract Form:
- Is needed to draw up a legal agreement between a seller of a property unit and a purchaser;
- Is not required for rental property operations;
- Allows the parties of the contract to establish terms of payment and agree on duties;
- Is capable of cases when several purchasers and owners purpose to operate a single property unit.
There is no deadline for filling out the Land Contract Form, but you shouldn’t allow the purchaser to undertake any action with your property until the contract is signed by both parties.
Filling out Land Contract Form
The form is split into 4 pages. On the first page, you have to provide personal information of the seller and the purchaser, including valid addresses of both parties at the moment of filling out the form. Next, you should describe the premises that you will sell and convey to the purchaser. In the Terms of Payment section, you can define the full price of the property being sold and a late fee and the end date of the lease. On pages 2 and 3, detailed requirements to the parties of the contract are enlisted. On the 4th page, the seller(s) and the purchaser(s) should sign the document and then send it to the nearest certified notary office for approval.
Organizations that work with Land Contract Form
Notary offices of your state and county.
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