Land Contract Purchase Agreement

February 23, 2024

 

The Land Contract Purchase Agreement comprises of the owner who is the KKKK (K) hereafter to be referred to as the Owner/Seller while the buyer is HHHH hereafter to be referred to as the Resident/Buyer and/or his designated New Company hereafter to be referred to as the NewCo. It is worth noting that the proposed NewCo company will be managed by FFFF. The property in question is the CCCC Property that is situated in GGGG Estate managed by XXXX(X. The said agreement emanated from the Residential Lease Agreement which began after the prior tenant’s month-to-month lease was concluded before the current buyer taking possession of the said property.

The three agreements are the basic residential lease agreement: the written addendum to the residential lease and the land contract purchase. All three documents comprise an agreement for this transaction by and between an owner/seller and resident/buyer regarding the property located at HHHH . The residential lease agreement converts into the land contract purchase transaction, and this is provided under the addendum to the residential lease agreement. Precisely, it provides that the Residential Lease Agreement will proceed for one (1) year or more with More being the optimal “word” here – defined meaning if additional time is necessary to provide sufficient time to resolve the Land Contract Purchase Agreement through the Estate for the closing of the said KKKK property.

The residential lease and land contract purchase provide possession of the property under the condition of the monthly installment payment of $1,100.00 to be paid on or before the 15th of the month for the duration of the contract’s term, 120 installment payments within TEN (10) Years with a balloon payment for the total unpaid balance of the purchase price of 170,000.00 + Plus the interest rate of 4% accruing annually. All payments during this transaction are to go towards the 120 monthly payments.

Moreover, the written addendum provides that the buyer will be informed regarding all the available property and the mode of payment of every installment for the purchase price of the subject property.

The payment of the said purchase agreement is and shall remain the same monthly installment payment being the “mortgage payment” of $1,100.00, which includes property taxes. The said payments will be made to James Tudor (PR) by the buyer during the term of the contract.

Further, if any legal issues arise or continue to exist from the purchase agreement by the end of the residential lease’s 1st term or 1st one and a half (1.5) year term from signing the Land Contract Purchase agreement, closing will automatically renew for a further 1.5-year term that would be  allowing adequate time to resolve further legal issues from external influences. Nonetheless, the Addendum to the Residential Lease allows additional time since it provides that the Residential Lease Agreement commenced on YYYY and continues for a year hence till GGG to provide adequate time to resolve Land Contract Purchase Agreement for closing of the HHHH  property with an insurable Warranty Deed listing 2.55 Acreage as per Land Survey filed on KKKK

The land purchase agreement also requires the buyer to keep the owner informed on any activities related to property and that all legal matters relating to the property are going to be resolved to achieve a favorable result.

At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )