Standard Legal always recommends that every single pertinent detail to any property transaction be included within the Land Contract document covering said transaction.
But the nature of the question raises a rebuttal question.
The person asking this question stated that the document would list the down payment amount, the total monthly payment amount, and the term of the contract in years — then asked if the interest rate should be listed as well.
Our immediate thought to this question was, “Why would anyone not want to include a listed interest rate within the Land Contract document?”
Our next thought: is that interest rate amount being excluded from the document solely so that the buying party doesn’t know the final total interest rate they are paying?
For clarity sake, Standard Legal suggests all of the terms and ‘figures’ of a Land Contract document should be fully spelled out, including the charged interest rate and the total purchase price at the term’s end.
To easily create a fair Contract for Deed at an affordable price, see Standard Legal’s Land Contract legal forms software.