Welcome to our Contract for Deed Template
page, specifically designed for the state of Delaware
. On this page, you will find a comprehensive yet simple-to-use template of a contract for deed, an essential legal document
in real estate transactions. This contract outlines the purchase agreement
, typically in form of an installment sale agreement
, commonly referred to as a land contract
. It addresses all necessary terms and conditions surrounding a property’s sale under what’s often called seller financing. Feel free to download and edit this customizable buyer-seller contract suitable for your property transaction needs.
CONTRACT FOR DEED
THIS CONTRACT FOR DEED is made and entered into this day of [Month, Year], by and between [Seller’s Full Legal Name], of [Seller’s Legal Address], hereinafter referred to as the “Seller”, and [Buyer’s Full Legal Name], of [Buyer’s Legal Address], hereinafter referred to as the “Buyer”.
1. PROPERTY DESCRIPTION
The Seller agrees to sell, and the Buyer agrees to buy the property described as follows:
[Full Legal Description of the Property]
The property is physically located at [Property Address], hereafter referred to as the “Property”.
2. PURCHASE PRICE
The agreed total amount for the purchase of the Property is [Total Purchase Amount in Words (USD)] dollars ($[Total Purchase Amount in Figures]).
3. PAYMENT TERMS
The Buyer shall pay the Seller the purchase price in the manner following: [Detailed Payment Schedule]
4. DEED AND TITLE
Upon full payment of the Purchase Price, the Seller shall deliver to the Buyer a quitclaim deed conveying the Property to the Buyer, free and clear of all encumbrances, except as otherwise provided in this Contract.
5. POSSESSION AND OCCUPANCY
The Buyer shall be entitled to possession and occupancy of the Property from the date of this Contract.
6. MAINTENANCE AND REPAIR
The Buyer agrees to maintain the Property in a good state of repair, normal wear and tear excepted, and shall not commit waste on the Property.
The Buyer shall maintain sufficient insurance to protect the Property from loss by fire and other hazards.
In case of default by the Buyer, the Seller may terminate this Contract.
9. GOVERNING LAW
This Contract shall be governed by and construed in accordance with the laws of the State of Delaware.
10. ENTIRE AGREEMENT
This Contract contains the complete agreement between the Seller and the Buyer and cannot be changed except by written agreement.
IN WITNESS WHEREOF, the parties hereunto set their hands this day of [Month, Year].
[Seller’s Full Legal Name] [Buyer’s Full Legal Name]
Notary Public, State of Delaware
[Notary Public’s Name]
My Commission Expires: [Expiration Date]