This Contract for Deed is also known as a Land Contract, Agreement for Deed, Contract Sale or Real Estate Instalment Agreement. This contract allows the seller to retain title to the property until the buyer has made all payments under this contract agreement. In effect, the seller finances the purchase and holds the title or deed to the property as security. The buyer who makes instalment payments is entitled to possession and equitable title to the property while the seller holds legal title and is liable for any payments under any mortgages. A Contract for Deed is useful in situations where a buyer cannot obtain other financing and usually closing costs are lower than those involving banks or mortgage companies. The seller can also choose between differing payment methods (i.e., with or without interest or balloon payment). It is important that a Contract for Deed be memorialized in writing and that both buyer and seller understand the terms and conditions of the contract.

This Contract for Deed for use in England and Wales contains the following provisions:

• Parties: Sets forth the names of the seller and buyer involved in this transaction;
• Property: Sets out the location and legal description of the property;
• Included Property: Identifies what is included with the property (buildings and improvements, right-of-way, fixtures, appliances, etc.);
• Excluded Property: Identifies items which are specifically excluded in this sale;
• Price and Payment: Sets out the purchase price of the property and when and how payments will be made;
• Security: Sets forth that the contract will act as security for the performance and payment obligations by the buyer;
• AS-IS Condition of Property: Buyer will accept the property AS-IS without any type of warranty;
• Deed and Evidence of Title: Seller will deliver a statutory or general warranty deed after buyer fulfils the obligations under this contract;
• Risk of Loss and Insurance: The buyer agrees to keep the property insured against loss by negligence, fire or other type of casualty;
• Prepayment: The buyer may prepay the entire balance without incurring any prepayment penalties;
• Possession of Property: Buyer shall have possession of the property as long as all terms of the contract are complied with;
• Mortgage by Seller: Seller may place a mortgage on the property which becomes a lien superior to the rights of the buyer;
• Assignment or Sale by Buyer: Buyer will not assign or convey any interest in this property without prior written consent of the seller.

Protect Yourself, Your Rights and Your Property with these accurate and easy to use forms.

This lawyer-prepared package includes:

1. Instructions and Checklist
2. General Information
3. Contract for Deed for England and Wales

Law Compliance: This form complies with the laws of England and Wales