Legal possession or ownership of a real estate property such as land, house units, apartments, and the like cannot be completed without processing a land contract. The terms and conditions stipulated in land contracts or property management contracts are governed by special laws and therefore they are legal and binding. You may also see Contract Samples.
If you want to check on the various sample contracts such as a free land contract, land sale, and rental contract, then I advise you to continue scrolling down. Like a consulting contract, each contract provided below does require a specific format that is standard and understandable among the common.
Land Contract Template
Sample Land Contract Template
Free Land Contract Template
How to Create a Free Land Contract Template?
Creating a downloadable and editable template for your land contracts require certain skills. However, you may choose to follow these simple steps below in creating a free land contract or maintenance contract templates in MS Office:
- Open any of your updated MS Office applications, like Word or Excel.
- Click the File tab
- Click New
- Click Blank document (for Word)/New Worksheet (for Excel)
- Modifying the page by using appropriate fonts (Arial, Verdana, Times New Roman)
- Adjust the page’s margin (1 in), size (legal), orientation (portrait), and the formats (bold for titles and subheadings);
- Once you are done,
- Go back to File tab again,
- click Save As, then Template
What is Land Contract in Real Estate?
In real estate, an agreement is known as land contract, contract of deed, or a land installment contract. This is a set of documents in which both the owner and the buyer (see sales contract templates for this) or possessor of the property have come to terms in consideration of:
- The description of the actual land or house unit
- The amount to be paid by the buyer to the owner
- The manner of payment (cash or credit)
- The frequency of payment (monthly, yearly)
- The dos and don’ts that the possessor must observe
- The due authentication and registry into the Register of Deeds
Land Contract Sample
How to Close a Land Contract?
The basics are as follows in closing a land contract:
- Signing each page of the land contract by both the owner and buyer or possessor of the land must be done with one or two witnesses around.
- Authenticating the signed contract with proper authorities within the prescribed period.
- Once payment is completed, a closing statement which is drafted and notified by a lawyer must be created, and the same should be signed and accepted by both parties.
- Arranging land title, title insurance, land transfer and other documents may likewise be completed in a timely manner. You may check loan contract template for further reference.
In addition to this, both parties may consider the assistance of either a real estate attorney or broker during the course of the transaction. A land contract is not just an ordinary document to be taken for granted. In fact, a number of litigations and cases remain unresolved because of the absence of it.
If you want your real estate properties, like agricultural or commercial land, house units or apartments to be insured and enjoyed by the next generation, you must ensure the contract’s validity as early as now.