Land Contract for Buyer
Land contract for buyer is an important financial form. It is used when buying a parcel of land. This is basically an agreement between the seller of the land, who is known as the vendor and the buyer of the land for selling a piece of land to the buyer. The buyer is also referred to as the vendee. The contract is prepared by both the buyer and the seller.
Important Sections of a Land Contract for Buyer
The following information is necessary for a land contract for buyer:
- Name and address of the vendor
- Name and address of the vendee
- Name of the property
- Contract price
- Mode of payment
- Interest rate
- Encumbrances
- Evidence of title
- Recording of contract
- Real estate taxes
- Insurance and maintenance
- Possession
- Delivery of deed (General Warranty Deed)
- Default by vendees
- General provisions
- Special provisions
- Entire agreement
- Signature of the vendor
- Signature of the vendee
- Signature of the witness
- Name of the state
- Name of the county
- Date of contract
The contract has to be signed in the presence of a notary public.