Our template covers all significant clauses pertaining to seller financing and land contract arrangements, ensuring a safe installment sale for your property.
Feel free to download, tailor, and utilize this robust purchase agreement for your next real estate transaction in New Jersey. We aim to make your journey of buying or selling a home as seamless as possible with this all-inclusive agreement.
CONTRACT FOR DEEDTHIS CONTRACT FOR DEED (the “Contract”) is entered into this **[DATE]** day of **[MONTH, YEAR]**, by and between **[SELLER NAME]** , of **[SELLER ADDRESS]** (hereinafter referred to as “Seller”) and **[BUYER NAME]**, of **[BUYER ADDRESS]** (hereinafter referred to as “Buyer”).
1. PROPERTY DESCRIPTIONThe real property subject to this Contract is located in the State of New Jersey, County of **[COUNTY]**, with a legal description as follows: **[LEGAL DESCRIPTION OF PROPERTY]** (hereinafter referred to as the “Property”).
2. PURCHASE PRICEThe total purchase price for the Property is **[TOTAL PURCHASE PRICE]**, payable as follows: – Initial Down Payment: **[DOWN PAYMENT AMOUNT]** – Remaining Balance: **[REMAINING BALANCE]**
3. PAYMENT TERMSThe Remaining Balance shall be payable in regular monthly installments of **[MONTHLY INSTALLMENT AMOUNT]**, starting **[START DATE OF PAYMENTS]** and continuing until the Remaining Balance and any accrued interest is fully paid.
4. INTERESTInterest will be charged on the unpaid balance at the rate of **[INTEREST RATE]** per annum.
5. TAXES AND ASSESSMENTSAll taxes, assessments, and other charges against the Property for the current year and all subsequent years shall be the responsibility of the Buyer.
6. INSURANCEBuyer shall keep the Property insured against loss by fire and other hazards included within the standard extended coverage endorsement, for the benefit of the Seller.
7. DEFAULTIf Buyer defaults under the terms of this Contract, Seller may terminate this Contract upon providing **[NUMBER OF DAYS NOTICE]** days’ written notice to Buyer.
8. TRANSFER OF TITLEUpon full payment of the Purchase Price and all other amounts due under this Contract, Seller agrees to convey good and marketable title to the Property by Warranty Deed, subject only to current real estate taxes, assessments, covenants, conditions, restrictions, rights of way and easements of record.
9. ENTIRE AGREEMENTThis Contract constitutes the entire agreement between the parties and supersedes all prior discussions, negotiations, and agreements, whether oral or written.
10. GOVERNING LAWThis Contract shall be governed by and construed in accordance with the laws of the State of New Jersey.
11. BINDING EFFECTThis Contract shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, successors and assigns. SELLER:
Signature: ___________________________________ Date: ________ BUYER:
Signature: ___________________________________ Date: ________