Land Purchase Agreement Template
We have created Land Purchase Agreement template with simplicity in mind. It is an easy to use and ready made Land Purchase Agreement template that enables you to know exactly what the client’s responsibilities are and saves your time and money.
Free Land Purchase Agreement Template Samples
To help you grow your business we have made a quite simple yet reliable Land Purchase Agreement template in Word and PDF versions so you can use it repeatedly.
- Property details
- Additional payments
- Purchase terms
What is a Land Purchase Agreement?
When Do I Need a Real Estate Purchase Contract?
You need a Real Estate Purchase Contract if:
- You are a potential buyer or seller of residential property.
- You want to define the legal rights of each party to the sale.
- You outline each party’s respective duties before the transfer of legal title.
How does a land contract work?
Land contract is a legal agreement where the seller agrees to finance the property for the buyer in exchange for the buyer agreeing on the terms in the land contract.
The contract includes the following information:
- A legal description of the property
- Names and addresses of the buyer and seller
- Purchase price
- Down payment
- Interest rate
- Loan term
- Payment schedule
- How the seller will charge the buyer for late payments
- How much time the buyer has to catch up on a late payment
- Who is responsible for maintenance, repairs, taxes and insurance
- A requirement that the seller provide evidence of title
- A requirement that the seller legally record the agreement
Once the contract is signed by both the parties, the buyer gets an equitable title. The documents allow the buyer to have equity in the property and prevent the seller from selling the property to anyone else. The buyer also gets the right over the property for its improvement.
Download Land Purchase Agreement Template
What Is Included In The Real Estate Purchase Agreement?
Writing a real estate purchase agreement, you need to carefully mention the terms of the deal, so that both buyer and seller must know what to expect from this purchasing contract.
Follow the simple steps to write your land purchase agreement:
- Mention the address of the property being purchased, including all required legal descriptions.
- Add the names and addresses of both the buyer and the seller.
- Enter the details of property price and the terms of the purchase.
- Set the closing date and closing costs.
- Mention the taxes and other related costs, and clarify which party is paying those costs.
- Include the additional items (if any) that are to sell with the property, such as furniture or equipment.
- Mention the required disclosures pertaining to issues such as lead paint or other hazardous materials on the property.
- Give the details about contingencies on the sale, such as pending inspections or appraisals or other required actions related to purchase.
Is there a difference between a residential and commercial land contract?
Frequently Asked Questions
FAQs about our Land Purchase Agreement Templates
We recognize that your contract layout conditions may need to be changed to be in line together with your client’s needs. That’s why we have made Contrat in Word format as well so that you’ll be able make adjustments as you like. If you want to make important changes to the template, we propose you to get help of a lawyer or conveyancer to make sure you still have protection.
A Real Estate Purchase Agreement can be cancelled if there are contingencies listed on the contract which states that each party has the right to cancel the contract. A seller or buyer can cancel a real estate purchase contract if they change their minds.
The Real Estate Purchase Agreement is usually prepared by the buyer’s agents if they are legally licensed to practice law. Otherwise, they can’t create their own legal contracts.