MI Key Realty Land Contract Addendum free printable template

LAND CONTRACT ADDENDUM To be used in conjunction with the Residential Real Estate Purchase Agreement This Addendum is made part of the Residential Real Estate Purchase Agreement dated 20 between as Seller s and as Purchaser s for the property located at Address County Zip Code This Agreement and Purchaser s obligation to purchase the Property are conditioned upon Seller s granting and executing a Land Contract in a form complying with Michigan code and containing the following terms AMOUNT....

How to fill out seller land agreement form

How to fill out MI Key Realty Land Contract Addendum

1. Obtain the MI Key Realty Land Contract Addendum form.
2. Read through the entire addendum carefully to understand its purpose and terms.
3. Fill in the seller’s name and contact information in the designated fields.
4. Fill in the buyer’s name and contact information in the appropriate sections.
5. Specify the property address and legal description accurately.
6. Outline the terms of the land contract, including purchase price and payment schedule.
7. Include any specific conditions or contingencies related to the contract.
8. Review all filled-in information for accuracy and completeness.
9. Sign and date the addendum along with any necessary witnesses or notaries.

Who needs MI Key Realty Land Contract Addendum?

1. Individuals entering into a land contract for real estate transactions.
2. Buyers or sellers involved with MI Key Realty.
3. Real estate professionals managing land contracts.

People Also Ask about seller land property

What is a contract to sell a piece of land?

A contract of sale is an agreement between a seller and a buyer. The seller agrees to deliver or sell something to a buyer for a set price that the buyer has agreed to pay. With these contracts, the transfer of ownership happens when the buyer pays and the seller delivers.

What are the pros and cons of a land contract?

Pros And Cons Of A Land Contract Pro: It's Easier To Get Financing. Pro: It's A Win-Win For Sellers. Con: The Buyer Depends On The Seller. Con: Contract Vagueness. Con: Higher Interest Rates. Con: Homeownership Gray Area.

What are the disadvantages of a land contract?

Disadvantage #1: The title does not automatically pass to the purchaser in a land contract. Disadvantage #2: The seller could be held legally responsible for inspection issues with local or state authorities. Disadvantage #3: Forfeiture of a land contract by the purchaser is a fairly common occurrence.

What is a land contract in Washington state?

A Washington land contract is a formal sale agreement between two parties transferring ownership of vacant real estate. Whether for residential or commercial land/lots, the contract must contain all information pertaining to the transaction, such as the agreed-upon purchase price or any related financial arrangements.

What is a land contract a form of?

Also known as a contract for deed, land-installment contract, bond for deed, bond for title or agreement for deed, a land contract is a form of seller financing that may appeal to buyers or sellers who want an alternative to a traditional mortgage.

What is a land contract referred to as?

Also known as a contract for deed, land-installment contract, bond for deed, bond for title or agreement for deed, a land contract is a form of seller financing that may appeal to buyers or sellers who want an alternative to a traditional mortgage.

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What is MI Key Realty Land Contract Addendum?

The MI Key Realty Land Contract Addendum is a supplementary document used in real estate transactions, specifically for land contracts, that outlines additional terms and conditions agreed upon by the buyer and seller.

Who is required to file MI Key Realty Land Contract Addendum?

Typically, the parties involved in the land contract, which includes both the buyer and seller, are required to file the MI Key Realty Land Contract Addendum to ensure that all agreed-upon terms are legally documented.

How to fill out MI Key Realty Land Contract Addendum?

To fill out the MI Key Realty Land Contract Addendum, the parties must provide information such as the property address, the names of the buyer and seller, specific terms of payment, and any additional conditions or agreements relevant to the land contract.

What is the purpose of MI Key Realty Land Contract Addendum?

The purpose of the MI Key Realty Land Contract Addendum is to clarify, amend, or supplement the original land contract terms, providing legal protection and ensuring all parties fully understand their rights and obligations.

What information must be reported on MI Key Realty Land Contract Addendum?

The information that must be reported on the MI Key Realty Land Contract Addendum includes the property details, buyer and seller names, payment terms, any contingencies or special provisions, and signatures from both parties to validate the agreement.