This agreement is adjusted to record all the details concerning specific lease transaction. Under certain conditions the owner of a property sells it but retains the legal right while permitting the buyer to take possession for purposes other than legal ownership. The landlord also retains the right for the title of the estate. Execution of a transaction is financed by the seller, but the buyer has to repay the resulting loan in installments. After the whole sum is paid according to the interests of both parties, the purchaser enters into ownership. All the details of the process should be recorded. That’s why, it is really important to draw up a contract. Include the following details:
- contacts of the parties;
- description of property;
- info about price and financing;
- closing date and occupancy;
- closing procedure and costs;
- property condition;
- information about title;
- other conditions and requirements;
- effective date;
- signatures of both parties.
Note, that the vacant land contract template is available online. Just insert the necessary information and save your time and efforts. You may edit the template according to your needs and sign it electronically. Download the created document and print it if needed.
from https://topmedicalforms.wordpress.com/2018/01/11/what-is-a-vacant-land-contract/
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