|To buy or sell a piece of real estate with the seller providing the financing directly to the buyer, the parties involved in the sale need to create a legal document called a Land Contract (sometimes called a "Contract for Deed"). Growing in popularity, a Land Contract allows the seller to generate increased revenues through the receipt of interest payments, while allowing buyers who might have difficulty obtaining bank financing to to purchase a home over time. The legal forms software includes documents for both installment and balloon payment structures, plus documents for undeveloped property (vacant land). FREE BONUS: FINANCIAL CALCULATOR SOFTWARE SUITE! Complete details below...
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LAND CONTRACT / CONTRACT FOR DEED LEGAL FORMS SOFTWARE
Typically, residential real estate transactions are thought of in one way: a buyer and a seller work through a realtor and a bank or mortgage broker to complete a sale with a single transaction and a one-time payment to the seller. But there is another non-traditional option for the sale of real estate that is becoming more common every day: it's called a Land Contract. (It's sometimes called a "Contract for Deed" as well.)
A Land Contract allows the owner of a property to sell that property to a buyer over the course of time, financing the purchase price on behalf of the buyer and collecting interest on the sale amount. The buyer does not need to go out and find a mortgage from a bank or mortgage company, nor does the buyer have to pay the entire purchase price to the seller upfront. Rather, the buyer signs a Land Contract with the seller agreeing to purchase the property in either installment payments or in installment payments with a balloon payment on a certain date. The buyer then moves into the property and makes the agreed upon monthly payments. When all of the payments (and any required balloon payments) are made according to the terms of the Land Contract, only then does the buyer finally take title of the property from the seller.
A Land Contract gives a buyer who may have a difficult time finding bank financing due to credit problems or non-traditional income sources the opportunity to purchase a home. It's a great way for a buyer to break free from "rent payments" and build equity in a property.
A Land Contract allows sellers to make additional money on the financing of the sale of a property, collecting not only the purchase amount but also the interest on the principal that is generated over time. Plus, the seller maintains title to the property until all of the payments are made, thereby allowing the seller to keep control of the property. If the buyer misses any payments to the seller, the seller keeps the previous payments made on the Land Contract as rental income, and the option for the transfer of property to the buyer is lost.
This Standard Legal Software Land Contract Kit contains the following forms:
- A Land Contract utilizing a down payment with monthly payments thereafter in order to pay the purchase price;
- A Land Contract utilizing a down payment, with monthly payments thereafter and then a balloon payment at a later date in order to pay the purchase price;
- a Memorandum of Land Contract that can be filed with your local recorders office (when applicable);
- a Land Contract for Vacant Land, for property that has no dwelling on it and is undeveloped;.
- Property Disclosure Forms, many of them state-specific, required for nearly all real estate transactions;
- Termination of Land Contract, used when the purchasing party defaults on the contract as a way to reclaim clear title.
- an optional Addendum to Create an Escrow Account, to allow recurring expenses like taxes, insurance or utilities to be placed into escrow to ensure their payment.
While there are some potential pitfalls and things to watch for within a Land Contract (from the perspective of both the buyer and the seller), these pitfalls are clearly detailed in the introductions and overviews; just another reason to use the Land Contract software from Standard Legal!
Detail the financial side of your legal forms with this Calculator Software Suite featuring a number of great tools! Amortization Schedule Calculator, Prepayment Calculator, Mortgage Qualifier Calculator, Loan Spread Calculator, Closing Costs Calculator, Quick Calculators, Rent versus Buy Calculator, Biweekly Payments Calculator, and a Home Seller's Proceeds Calculator. These tools let the parties in a financial transaction examine all of the pricing and financing options then build those final numbers into the contracts!
The forms provide by The Standard Legal Network are the most up-to-date, legally accurate and easiest-to-use in the industry. Many of our competitors provide forms that are poorly formatted, out of date or simply filled with inaccurate instructions. Please take a minute to review the bullet points at the right detailing the 13 REASONS why our Standard Legal Software packages are the clear choice for do-it-yourself legal products! Also, check out the software format features listed below and you'll get a look inside the software to see how it works!
ATTENTION ATTORNEYS AND PARALEGALS:
IMPORTANT LICENSING INFORMATION FOR DOCUMENT PREPARATION PROFESSIONALS
The legal forms software described above is licensed exclusively for use by do-it-yourself "pro se" individuals who are creating legal forms for themselves or their immediate family members. If you are a legal professional looking for software forms that are licensed for use on behalf of clients in a commercial situation, please review our Professional Version option.
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All of the legal forms within each Standard Legal Software product are carefully researched and written by a highly-qualified, experienced, licensed attorney.
UP-TO-DATE LEGAL CONTENT:
All of the content and instructions are updated any time a state or federal law, statute or administrative requirement changes. Our legal forms content is in constant review.
The comprehensive instructions are written for use by ordinary, everyday people! If you can answer clear, specific questions and follow written instructions, you can complete these forms. The format of this software truly is "fill-in-the-blank".
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Use the software immediately after purchase! Get encrypted links to the software download server and password-protected online access within seconds after the transaction. Links are provided both on-screen and in an email confirmation.
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Standard Legal's forms can be downloaded in total within one .zip file, or individually from the online forms server! No .exe file installation required. Both versions are identical in content and functionality, and both are included as part of the purchase price.
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Mac or PC, Microsoft Word or a simple text editor, dial-up connection or a T-1 line -- no matter what type of system you have, you can use Standard Legal Software. True cross-platform, multi-program legal forms options.
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The forms provided by Standard Legal are valid throughout the USA. Whenever necessary, state-specific language or forms are provided to cover all districts and territories:
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Bottom line, when you use forms from Standard Legal, you can quickly and easily create the same legal documents for which a local attorney would charge hundreds -- or even thousands -- of dollars. The net result can be a very substantial savings!
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Standard Legal guarantees that all of the documents provided within our software will be acceptable to the appropriate court or government agency, and will refund 100% of the purchase price should a document not be accepted due to our error.
I used the Standard Legal Land Contract form for property I own in Michigan. It was very easy to understand and user friendly. The county clerk's office accepted it without question and everything went smoothly. Thank you, Standard Legal!
-- Ben Witbrodt, Greenville MI
I used the Standard Legal form to do a Land Contract on a duplex purchase. It worked great with little modification to the form. Thanks, Standard Legal...
-- Robert Becker, Kenosha WI
Thanks for your help with our Land Contract legal forms software. It has worked out fine; we closed the deal!
-- T. Johns, Fair Oaks CA
...see more customer comments
SYSTEM REQUIREMENTS & SOFTWARE FILE SPECIFICATIONS:
Standard Legal Software works on virtually all Windows, Apple / Mac, and Linux-based systems. Links to a downloadable file are presented immediately upon the completion of your transaction. The initial download is provided as a compressed .zip file which much be expanded to access a series of folders containing all of the legal forms, overview files and instruction files. To expand the initial download, most computers come with a decompression utility like WinZip pre-installed; if your computer does not have a .zip utility, we recommend StuffIt Expander (it's FREE!).
For most titles, the initial download contains all of the forms and instructions needed. However, an active web connection is highly recommended even after the initial downloaded is completed, as some of the information contained within some of the titles may be accessible only from our online forms server. (Read the START-HERE.txt file included in the initial download for specific instructions.) The online forms server allows for the most up-to-date legal documents to be available at any time, and prevents the user from downloading forms that will never be used from titles that have an exceptionally large number of files. Once the proper forms are downloaded from our servers, they are to be completed offline; you do not need to be online to complete any of the forms.
Generally, the legal forms contained within each Standard Legal title are provided in three formats: as Microsoft Word files, as standard text files, and as Adobe PDF files. TO GET A DETAILED DESCRIPTION OF THE FUNCTIONALITY OF OUR LEGAL FORM FORMATS -- AS WELL AS FULLY-WORKING SAMPLES OF THOSE FORMATS -- CLICK HERE. Note that some forms are provided in only one or two of the available formats.
The fully-featured commercial version of Microsoft Word is required to complete the Word-formatted forms. Other open-source and commercial word processing programs like Microsoft Works, WordPerfect, Word Pad, OpenOffice, Google Docs, Note Pad or Simple Text may also be used, but only with the "straight text" version of the forms. Finally, the provided PDF versions of the forms require the download and installation of either Adobe's Acrobat Reader (it's FREE!), another vendor's PDF program that permits the entering of data into form fields, or the full commercial version of Adobe Acrobat.
Access to the password-protected online legal forms server (sometimes called "the online version") requires a java-enabled web browser like Internet Explorer 3.0 or later, which typically comes already installed on most systems. (If your system does not have a web browser, you can download the most recent version of Internet Explorer or Firefox for FREE.) Once you access the online version of our legal forms server, the user should read the instructions provided on the main menu and download only the specific legal forms, overviews and instructions required for his or her situation. Once all of the necessary files are downloaded, the user may complete those forms "offline" using the programs listed above.
Have a Land Contract question?
(Or read the answers to the questions already posed at Ask Standard Legal to learn more!)