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Buy or sell real estate using seller-financing as part of the transaction. A buyer and seller can skip the mortgage process and finance a home purchase directly through a Land Contract. Growing in popularity, a Land Contract (or Contract for Deed) allows the seller to earn interest payment revenues while allowing a buyer who might have difficulty obtaining bank financing to purchase a home over time. Includes documents for installment and balloon payment structures, plus documents for undeveloped property (vacant land). FREE BONUS: Financial Calculator software!
LAND CONTRACTS: 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;
- a 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!
Work out the numbers related to your legal forms with this Windows-based Financial Calculator Software Suite! 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 legal documents! For use with Windows only.
WHAT CUSTOMERS SAY: STANDARD LEGAL LAND CONTRACTS
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
Efficient order process, excellent contract completion instructions, easy to use documents. An excellent user experience.
-- Cliff Birdsell, Carmel IN
WHY CHOOSE STANDARD LEGAL?
FULLY SECURE PERSONAL DATA: Our software is downloaded then completed offline, not run through an online webform that transmits your data across the internet to be stored in a database. So your answers stay completely private and secure, and your personal data never leaves your hard drive!
QUALIFIED ATTORNEY AUTHORS: All of the legal documents within each Standard Legal software title are carefully researched and written by highly-qualified, experienced, licensed attorneys.
UP-TO-DATE LEGAL CONTENT: Documents and instructions are revised any time a state or federal law, statute or administrative requirement changes. Our legal forms content is in constant review!
STEP-BY-STEP INSTRUCTIONS: Clear instructions are posted directly next to each question asked. No 'legal-eze' either! Standard Legal writes in a way that is "step-by-step" and easy to understand.
IMMEDIATE ACCESS: Use the software instantly after purchase! Get encrypted links to a download within seconds, both on-screen with your order invoice and again as a backup in an email confirmation.
EASILY DOWNLOADABLE FORMS: Standard Legal's documents can be downloaded in one .zip file, with additional state-specific documents available from the online forms server.
USE WITH ANY DEVICE: Windows, Mac, Apple, iPad, Android, Linux. Desktop PC, laptop, tablet, mobile device. Nearly any system can use the software from Standard Legal!
FREE TECHNICAL SUPPORT: Standard Legal helps its clients in any way we can. While we cannot provide legal advice, we will gladly assist you by email, phone or social media to access and use our software.
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FREE ATTORNEY REFERRAL: If you decide that handling a situation yourself might not be wise, access our attorney referral site and find a qualified attorney to help you with your case. No charge to post your case!
LEGAL & VALID IN ALL STATES: The documents from Standard Legal are valid in every USA state and territory. Primary documents cover federal law, with state-specific language or forms provided as required.
SAVE MONEY ON LEGAL FEES: Quickly and easily create the same kinds of legal documents as a local attorney. And save hundreds -- sometimes even thousands -- of dollars in the process!
100% MONEY BACK GUARANTEE: Standard Legal guarantees that all of the documents in our software will be accepted when completed as directed and submitted to the appropriate court, clerk, office or agency. Should any document not be accepted due to an issue with our content, we will correct that document for you at once or refund 100% of the purchase price -- or both! Complete details here.
SYSTEM REQUIREMENTS & SOFTWARE FILE SPECIFICATIONS:
Standard Legal Software works on nearly all systems, including Windows, Apple, Mac, Android and Linux. A link to a downloadable .zip file is presented immediately after transaction, which must be expanded to access all of the forms, overviews and instructions. Most computers have a program like WinZip pre-installed to access .zip files; if your computer does not have one, we recommend StuffIt Expander (it's FREE!).
Generally, the legal forms are provided in three formats: Microsoft Word files, standard text files, and Adobe PDF files. TO GET A DETAILED DESCRIPTION OF THE FUNCTIONALITY THESE FORMATS AND FULLY-WORKING SAMPLES, CLICK HERE. Note that not all forms are provided in all three formats in all cases.
The fully-featured 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 be used as well, but only with the 'straight text' version of the forms. Finally, the PDF versions of the forms require the download and installation of either Adobe's Acrobat Reader (it's FREE!) or the full commercial version of Adobe Acrobat.
Access to the password-protected online legal forms server (sometimes called "the online version") requires an up-to-date web browser like Internet Explorer, Firefox or Chrome. Once you access the online forms server, read the instructions provided on the main menu and download only the specific legal forms, overviews and instructions you need. Once all of the files are downloaded, they may be completed offline using the programs listed above.
To use any type of software requires a basic understanding of how a computer device operates. To use Standard Legal software, you must be able to complete each of these basic computer tasks: download a software file; expand a .zip file; enter a username and password to access a protected website; navigate a menu; install and launch a program; and open, save then print a completed document. If you do not fully understand how to complete any of these common steps, we recommend you use our Document Preparation Service or find a local attorney to create documents for you.
WANT YOUR SOFTWARE ON A CD?
A software CD of your legal form titles can be mailed to you for an additional $9.95 by choosing that shipping option during checkout. Software CD Details.
ATTORNEYS, PARALEGALS AND DOCUMENT PREPARATION PROFESSIONALS:
This software is licensed exclusively for pro se users. To create custom legal documents on behalf of clients, review our Professional Version software