Professional Contract for Deed
Contract for Deed
Prepared by: [YOUR NAME]
This CONTRACT FOR DEED (the "Agreement") is made and entered into on October 15, 2055, by and between John Long (hereinafter referred to as "Seller"), whose address is 123 Ocean Drive, Miami, FL 33101, and Jane King (hereinafter referred to as "Buyer"), whose address is 456 Bayshore Lane, Miami, FL 33101.
1. Property Description
The Seller agrees to sell, and the Buyer agrees to purchase the property located at 789 Coral Way, Miami, FL 33101, legally described as Lot 5, Block 12, Coral Gardens Subdivision, Miami-Dade County, FL (the "Property").
2. Purchase Price
The total purchase price for the Property is $500,000 Dollars, payable as follows:
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Down Payment: $50,000 payable on October 15, 2055.
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Remaining Balance: $450,000, payable in monthly installments of $3,500, due on the 1st of each month, beginning on November 1, 2055 and continuing until the balance is paid in full.
3. Interest Rate
The outstanding balance will bear interest at the rate of 4.5% per annum.
4. Term of Contract
The term of this Agreement shall be for a period of 15 years, starting from October 15, 2055 and ending on October 15, 2070, unless extended or terminated earlier in accordance with the terms of this Agreement.
5. Deed Delivery
Upon full payment of the purchase price, the Seller agrees to deliver to the Buyer a Warranty Deed conveying good and marketable title to the Property, free and clear of all encumbrances, except for those specified in this Agreement.
6. Taxes and Insurance
The Buyer agrees to pay all real estate taxes, assessments, and insurance premiums on the Property during the term of this Agreement.
7. Default
If the Buyer fails to make any payment when due or otherwise breaches this Agreement, the Seller may declare the entire unpaid balance immediately due and payable or may take legal action to repossess the Property.
8. Possession
The Buyer shall be entitled to possession of the Property upon the execution of this Agreement and the payment of the down payment.
9. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Florida.
10. Entire Agreement
This Agreement constitutes the entire understanding between the parties and supersedes all prior negotiations and agreements. Any amendments or modifications to this Agreement must be in writing and signed by both parties.
IN WITNESS WHEREOF, the parties have executed this Agreement on October 15, 2055.
Seller:
John Long
Date: October 15, 2055
Buyer:Jane King
Date: October 15, 2055
Witness (if required):Sarah Brown
Date: October 15, 2055
