Financing Land Example
Financing land can be approached through several methods, one of which is the contract for deed. This arrangement allows buyers to make payments directly to the seller over a predetermined period while gaining possession of the property prior to full payment. During this time, the seller retains legal title until the buyer fulfills their payment obligations. It's crucial for buyers to understand the terms outlined in the contract, including payment schedule, interest rates, and any additional fees. This type of financing can be a viable option for those who may not qualify for traditional loans, but it also carries risks, such as potential loss of the property if payments are not made. Therefore, it's advisable to conduct thorough research and possibly consult with a real estate professional to ensure informed decision-making throughout the process.
Choose Your Property
Choose your payment
48-Months
$251 per month
$500 Down
$212 per month
$186 per month
60-Months
72-Months
$500 Down
$500 Down
$10,000 Purchase
$10,000 Purchase
$10,000 Purchase
Review and E-Sign your Contract
This Land Contract ("Contract") is entered into on [Date], by and between Land Origin LLC, a [Florida LLC] with its principal address at [Address] ("Seller"), and [Buyer Name], residing at [Address] ("Buyer"). The parties agree as follows:
1. Property Description
Seller agrees to sell and Buyer agrees to buy, under the terms of this Contract, the following real property ("Property") located in the State of Florida:
Property Address/Location: [Street, City, County, Florida]
Legal Description: [Full legal description of the property or see attached Exhibit A]
The Property includes all improvements, fixtures, and appurtenances, in "as is" condition as of the date of this Contract, unless otherwise stated herein.
2. Purchase Price and Payment Terms
The total purchase price for the Property is $[Total Price] ("Purchase Price"), payable as follows:
Down Payment: $[Down Payment] due at signing of this Contract (the receipt of which is hereby acknowledged). This amount will be applied toward the Purchase Price.
Amount Financed: $[Purchase Price minus Down] ("Principal Amount"), which is the remaining balance to be paid by Buyer to Seller in installments as outlined below.
Interest Rate: [__]% per annum simple interest on the unpaid Principal Amount. Interest shall not exceed the maximum rate permitted by Florida law.
Installment Payments: The Principal Amount, together with interest, shall be paid in monthly installments of $[Monthly Payment] each. Payments are due on the [1st] day of each month, beginning on [Date of first payment] and continuing on the same day of each subsequent month until the Principal Amount, all accrued interest, and any other amounts due are paid in full.
Term of Payment: The installment payments are calculated to fully amortize the Principal Amount and interest over a period of [Number] months, with the final payment (balloon payment if any) due on [Maturity Date].
No Prepayment Penalty: Buyer may, at any time, pay the remaining balance in full or make additional principal payments without penalty.
3. Taxes and Property Maintenance
Property Taxes: Beginning from the date of this Contract, Buyer assumes responsibility for all property taxes and assessments levied against the Property. Seller shall forward property tax bills to Buyer (or instruct the taxing authority to send bills to Buyer if possible). Buyer shall pay all such taxes on or before the due date. Alternatively, at Seller’s option, Seller may pay the taxes when due and Buyer shall reimburse Seller within 30 days of Seller providing Buyer with evidence of the amount paid.
Property Maintenance and Use: Buyer is entitled to possession and use of the Property upon execution of this Contract and payment of the down payment, so long as Buyer is not in default. Buyer shall maintain the Property in good condition and comply with all laws, ordinances, and restrictive covenants affecting the Property.
4. Title and Conveyance of Deed
Retained Title: Legal title to the Property shall remain with Seller until Buyer has paid the Purchase Price in full and performed all obligations under this Contract.
Delivery of Deed upon Full Payment: Upon Buyer’s full payment of the Purchase Price and full performance of Buyer’s obligations, Seller shall convey the Property to Buyer with a properly executed General Warranty Deed.
5. "Time is of the Essence"
Time is of the essence for all provisions of this Contract, especially regarding Buyer’s payment obligations.
6. Default and Remedies
Events of Default: Includes failure to pay any installment when due, failure to maintain the property, or any other breach of contract terms.
Notice of Default and Opportunity to Cure: Seller will provide written notice to Buyer specifying the default. Buyer will have thirty (30) days from the date of the Default Notice to cure the default.
Seller’s Remedies: If Buyer's default is not timely cured, Seller may pursue remedies including contract termination (forfeiture), ejectment/eviction, or judicial foreclosure.
7. Assignment
Buyer may not assign or transfer Buyer’s interest in this Contract or the Property without the prior written consent of Seller.
8. Recording and Protection of Title
Buyer agrees not to record this Contract in the public records without Seller’s prior written consent.
9. Compliance with Laws; Usury Savings
This Contract is subject to the laws of the State of Florida, including Florida’s usury laws and interest rate limits. Any amount of interest or fees that would exceed the legal limit shall be automatically reduced.
10. Miscellaneous Provisions
Includes entire agreement, amendments, severability, notices, governing law, and binding effect.
IN WITNESS WHEREOF, the parties have executed this Land Contract as of the date first written above.
Seller: Land Origin LLC
By: [Authorized Signatory], Title: Manager
Buyer: [Buyer Name]
Example Contract
Financing Options
Explore our flexible financing plans for your land purchase.