Contract for Deed
Contract for Deed
Introduction
This Contract for Deed is made for the purpose of financing the purchase of investment properties. By entering into this agreement, the Seller agrees to finance the sale, and the Buyer agrees to make payments directly to the Seller under the terms outlined below.
This Contract for Deed (the "Contract") is made and entered into on this September 5, 2050, by and between:
Seller:
Jonathan Smith
123 Elm Street, Springfield, IL 62701
jonathan@email.com
Buyer:
Emily Johnson
456 Oak Avenue, Springfield, IL 62702
emily@email.com
1. Property Description
The property subject to this Contract is described as follows:
Address: 789 Maple Drive, Springfield, IL 62703
Legal Description: Lot 15, Block 2, Maple Grove Subdivision
2. Purchase Price and Payment Terms
The total purchase price for the property is $300,000. The Buyer agrees to pay the purchase price in the following manner:
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Down Payment: $30,000
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Amount Financed: $270,000
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Interest Rate: 4.5%
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Term of Loan: 15 years
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Monthly Payment: $2,050
Payment Schedule: Payments will be due on the 1st of each month, starting on October 1, 2050.
3. Transfer of Title
The Seller retains legal title to the property until the Buyer has made all required payments. Upon completion of all payments, the Seller agrees to execute and deliver a deed transferring legal title to the Buyer.
4. Property Taxes and Insurance
Property Taxes: The Buyer is responsible for paying all property taxes.
Insurance: The Buyer must maintain insurance on the property and provide proof of insurance to the Seller.
5. Default
If the Buyer fails to make any payment when due, the Seller may declare the entire remaining balance immediately due and payable. In the event of default, the Seller may pursue any legal remedies available.
6. Governing Law
This Contract shall be governed by and construed in accordance with the laws of the state of Illinois.
7. Miscellaneous
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Amendments: Any amendments to this Contract must be in writing and signed by both parties.
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Notices: All notices required under this Contract shall be in writing and delivered to the addresses provided above.
8. Signatures
Seller:
Name: Jonathan Smith
Date: September 5, 2050
Buyer:
Name: Emily Johnson
Date: September 5, 2050
For any inquiries or additional information, please contact [YOUR NAME] at [YOUR EMAIL].
[YOUR COMPANY NAME]
[YOUR COMPANY NUMBER]
[YOUR COMPANY ADDRESS]
