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Form of Land Contract
Land Contract Template 1
FORM OF LAND CONTRACT
Parties
This Contract, made this
day of , 19 , between
hereinafter referred to as "Seller", whose address is and
hereinafter referred to as "Purchaser", whose address is
Witnesseth:
Description
of Premises
1. Seller Agrees:
(a) To sell and convey to Purchaser land in the
of , County of
, Michigan, described as:
TAX I.D. #
Commonly known as:
hereinafter referred to as "the land", together with all tenements, hereditaments, improvements, and
appurtenances, including any lighting and plumbing fixtures, shades, Venetian blinds, curtain rods, storm
windows, storm doors, screens, awnings, TV antenna, now on the land, subject to any applicable
building and use restrictions and to any easements affecting the land.
Terms of
Payment
(b) That the full consideration for the sale of the land to Purchaser is:
($ ) dollars, of which the sum of ($ ) dollars has been paid to Seller prior
to the delivery hereof, the receipt of which is hereby acknowledged, and the additional sum of
($ ) dollars, is to be paid to Seller, with
interest on any part thereof at any time unpaid at the rate of
per cent per annum while
Purchaser is not in default, and at the rate of
per cent per annum, computed upon the
balance of the purchase price then unpaid, during the period of any default in payment. Such additional
purchase money and interest is to be paid in monthly installments of ($
) dollars each, or more
at Purchaser's option, on the
day of each month, beginning , 19 ; such payments
to be applied first upon interest and the balance on principal. All of the purchase money and interest
shall, however, be fully paid within
years from the date hereof, anything herein to the contrary
notwithstanding.
Seller's
Duty to
Convey
(c) To execute and deliver to Purchaser or his assigns, upon
payment in full of all
sums owing hereon, less the amount then owing on any unpaid mortgage or mortgages, and the
surrender of the duplicate of this contract, a good and sufficient warranty deed conveying title to the land,
subject to abovementioned restrictions and easements and to any then unpaid mortgage or mortgages,
but free from all other encumbrances, except such as may be herein set forth or shall have accrued or
attached since the date hereof through the acts or omissions of persons other than Seller or his assigns.
To furnish
Title
Evidence
(d) To deliver to Purchaser as evidence of title, at Seller's option, either commitment for title insurance
followed by a policy pursuant thereto insuring Purchaser or abstract of title covering the land, furnished
by
{insert Title Company name}. The effective date of the policy or
certification date of the abstract is to be approximately the date of this contract. Seller shall have the
right to retain possession of such evidence of title during the life of this contract but upon demand shall
lend it to Purchaser upon the pledging of a reasonable security.
Purchaser's
Duties
2. Purchaser Agrees:
(a) To purchase the land and pay Seller the sum aforesaid, with interest thereon as above provided.
(b) To use, maintain and occupy the land in accordance with any and all building and use restrictions
applicable thereto.
(c) To keep the land in accordance with all police, sanitary or other regulations imposed by any
governmental authority.
(d) To keep and maintain the land and the buildings in as good condition as they are at the date hereof
and not to commit waste, remove or demolish any improvements thereon, or otherwise diminish the
value of Seller's security, without the written consent of Seller.
To Pay Taxes
and keep
Premises
Insured
(e) To pay all taxes and special assessments hereafter levied on the land before any penalty for non-
payment attaches thereto, and submit receipts to Seller upon request, as evidence of payment thereof;
and also at all times to keep the buildings now or hereafter on the land insured against loss and damage,
in manner and to an amount approved by Seller, and to deliver the policies as issued to Seller with the
premiums fully paid.
Alternate
Payment
Method
If an amount representing estimated monthly costs of taxes, special assessments and insurance is
inserted in Paragraph 2(f), then the method of payment of these items therein indicated shall be adopted.
If such an amount is not inserted, then Paragraph 2(f) shall be of no effect and the method of payment
provided in Paragraph 2(e) shall apply.
Insert amount
if advance
monthly
installment
method of
tax and
insurance
payment is to
(f) To pay monthly in addition to the monthly payment hereinbefore stipulated, the sum of
($ ) dollars, which is an estimate of the monthly cost of taxes, special
assessments, and insurance premiums for the land, which shall be credited by Seller on the unpaid
principal balance owing on the contract. If Purchaser is not in default under the terms of this contract,
Seller shall pay for Purchaser's account the taxes, special assessments and insurance premiums
mentioned in Paragraph 2(e) above when due and before any penalty attaches, and submit receipts
therefor to Purchaser upon demand. The amounts so paid shall be added to the principal balance of this
contract. The amount of the estimated monthly payment, under this paragraph, may be adjusted from
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