Property Payment Agreement
This Property Payment Agreement (the "Agreement") is entered into on this 15th day of January 2050 (the "Effective Date"), by and between:
Seller:
Name: [Your Name]
Address: 123 Main Street, Springfield, IL 62701
Phone: (555) 123-4567
Email: [Your Email]
Buyer:
Name: Jane Smith
Address: 456 Oak Avenue, Springfield, IL 62702
Phone: (555) 987-6543
Email: janesmith@email.com
Property:
Description of Property: Residential Property, Single-family home
Address of Property: 789 Maple Drive, Springfield, IL 62703
Legal Description of Property: Lot 12, Block 6, Maple Ridge Subdivision, Springfield, IL 62703
1. Purchase Price
The total purchase price for the Property is $350,000 (the "Purchase Price").
2. Payment Terms
The Buyer agrees to pay the Purchase Price for the Property in the following manner:
a. Down Payment:
A down payment of $35,000 shall be made by the Buyer on or before February 1st, 2050.
b. Remaining Balance:
The remaining balance of $315,000 shall be paid in monthly installments of $3,500 (the "Monthly Payments").
Payments shall begin on March 1st, 2050, and continue on the 1st day of each month until the full balance is paid.
The final payment shall be due on February 1st, 2060.
c. Interest Rate:
The outstanding balance will accrue interest at a rate of 4.5% per annum. Interest shall be calculated on the remaining balance.
d. Late Payments:
If any payment is not received by the due date, the Buyer will be charged a late fee of $100. If the payment is not received within 15 days after the due date, the Seller may declare the entire balance due and payable immediately.
3. Closing and Transfer of Ownership
The closing of the sale will take place on March 15th, 2050, at which time the Buyer shall receive the deed of the Property. Ownership of the Property will transfer to the Buyer upon receipt of full payment or at the closing, whichever occurs first.
4. Responsibilities of the Buyer
The Buyer agrees to:
a. Pay all taxes, insurance, and other costs associated with the Property starting from the date of the transfer of ownership.
b. Maintain the Property in good condition and not allow it to fall into disrepair.
c. Not sell, transfer, or encumber the Property without prior written consent from the Seller, until full payment is made.
5. Default and Termination
In the event of a default by the Buyer (failure to make payments, breach of contract, etc.), the Seller has the right to terminate this Agreement and retain any payments made by the Buyer as liquidated damages.
6. Governing Law
This Agreement shall be governed by and construed by the laws of the State of Illinois.
7. Entire Agreement
This Agreement constitutes the entire understanding between the parties and supersedes all prior agreements, written or oral, relating to the subject matter hereof. Any amendments to this Agreement must be in writing and signed by both parties.
8. Notices
Any notice required under this Agreement must be delivered in writing to the addresses listed above via certified mail or personal delivery.
9. Miscellaneous
a. The Buyer acknowledges that the Property is sold as-is, and the Seller makes no warranties regarding the condition of the Property.
b. Both parties acknowledge that they have read and understood this Agreement before signing.
IN WITNESS WHEREOF, the parties hereto have executed this Property Payment Agreement as of the Effective Date.
Seller:
[Your Name]
Date: January 15, 2050
Buyer:
Jane Smith
Date: January 15, 2050
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