The Lot Installment Agreement serves as an alternative financing mechanism for purchasing land when traditional mortgage financing may not be available or desired. This contract type allows buyers to make regular payments over time while the seller retains title until full payment is made. The agreement must comply with various U.S. federal regulations including the Interstate Land Sales Full Disclosure Act and state-specific real estate laws. It typically includes detailed property descriptions, payment terms, default provisions, and maintenance requirements. This document is particularly useful for developers selling multiple lots or for individual sellers offering owner financing options.
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1. Parties: Identification of seller and purchaser with complete legal names and addresses
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Key terms used throughout the agreement
4. Property Description: Legal description of the lot, including boundaries and specifications
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, and payment schedule
6. Title and Possession: Terms regarding transfer of title and possession rights
7. Default Provisions: Consequences and remedies in case of default
8. Governing Law: Applicable jurisdiction and governing law
1. Insurance Requirements: Optional section specifying property insurance obligations and coverage requirements
2. Property Maintenance: Optional section detailing maintenance obligations during the installment period
3. Assignment Rights: Optional section specifying rights to assign or transfer the agreement
1. Schedule A - Property Description: Detailed legal description of the property including metes and bounds or lot designation
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all installment payments
3. Schedule C - Title Exceptions: List of any existing liens, encumbrances, or title exceptions
4. Appendix A - Property Survey: Survey document showing property boundaries and dimensions
5. Appendix B - Property Inspection Report: Report detailing current condition of the property if applicable
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