Welcome to your ultimate resource for a Contract for Deed Template (Alabama). If you’re involved in a real estate transaction and seeking an alternative route to traditional mortgage financing, our template can help. This legal document facilitates an arrangement between a buyer and seller, commonly known as seller financing or land contract. It allows you to handle the transfer of property ownership in Alabama through an installment sale agreement. You can download and edit this template to suit your specific needs, making the process of acquiring or selling real estate seamless.Your journey towards hassle-free property ownershipseller financing starts here!
CONTRACT FOR DEED AGREEMENT
THIS CONTRACT FOR DEED AGREEMENT (“Agreement”) is made this _______(Day) of __________(Month), ________(Year), by and between ______________[Seller’s Full Legal Name(s)], of __________(Seller’s Address), hereinafter referred to as “Seller”, and ______________[Buyer’s Full Legal Name(s)], of __________(Buyer’s Address), hereinafter referred to as “Buyer”.
1. PROPERTY DESCRIPTION
Seller hereby sells, conveys, and transfers to Buyer the property legally described as ______________[Legal Description of the Property], located at __________[Property Address], hereinafter referred to as the “Property”.
2. PURCHASE PRICE AND TERMS
The purchase price of the Property shall be ______________[Purchase Price] and shall be paid by Buyer with interest to Seller at a rate of ______% per annum. Monthly payments shall be _______[Monthly Payment], payable on the first day of each calendar month.
3. TAXES AND ASSESSMENTS
All ad valorem property taxes and assessments, which are levied against the Property, will be prorated as of the date of closing.
4. MAINTENANCE AND REPAIR
The Buyer will maintain the Property in a good condition, and will not remove or alter the Property without the Seller’s written permission.
The Buyer will keep the Property insured against loss by fire and other hazards.
If the Buyer defaults under this Agreement, the Seller may declare the entire balance due and payable immediately.
7. GOVERNING LAW
This Agreement shall be governed by and interpreted in accordance with the laws of the State of Alabama.
8. ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the Seller and the Buyer and supersedes all prior discussions, negotiations, and agreements, whether oral or written.
IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.
Seller’s Full Legal Name Buyer’s Full Legal Name