West Michigan Regional Land Contract Form # 1 at a glance
What it is: West Michigan Regional Land Contract Form # 1: the Seller agrees to sell to the Buyer land, upon the terms and conditions.
Who signs: Under Signed and Sealed, sign on each SIGN line.
A filled-in West Michigan Regional Land Contract Form # 1 example: a seller fills in the interest terms
How to fill out West Michigan Regional Land Contract Form # 1, box by box
Interest rate and where payments are made
The interest shall be at the rate of percent per annum, from, computed per, and first deducted from each payment with the remainder applied to principal.
Any payment of principal and interest not paid when due shall be assessed a one time late charge of five percent (5%) and in addition shall bear interest upon the interest portion of the payment until paid at the Contract interest rate stated but not to exceed ten percent (10%).
Enter where all payments shall be made, or wherever otherwise directed by the Seller.
More rules for West Michigan Regional Land Contract Form # 1
Enter what follows "is entered into on this", then the Seller and the Buyer, each "whose address is" entered.
Under Description of Premises, the Seller agrees to sell to the Buyer land in County, with a street address and legally described. Enter the Tax Parcel #.
Enter the purchase price in Dollars, the sum that has been paid in Dollars, and the balance in Dollars, together with interest on any principal from time to time unpaid, in the manner.
The Buyer acknowledges having been previously advised to request an attorney at law to examine either an abstract of title and tax history of the Premises or a policy of title insurance or binder covering the Premises, dated, and agrees to accept as merchantable the title now disclosed thereby except the exceptions you enter.
The Buyer shall receive possession of the Premises and shall be entitled to retain possession only so long as there is no default by Buyer in carrying out the terms and conditions of this Contract.
The Buyer shall pay all taxes and special assessments upon the Premises which shall become due and payable after the date of this Contract before they become subject to penalties, and shall produce evidence of the payment to the Seller on demand.
The Buyer shall obtain and keep in force fire and extended coverage insurance in the name of the Seller covering the buildings and improvements now or hereafter placed on the Premises, in an amount not less than the insurable value of the Premises.
If the Buyer shall fail to perform any of the covenants or conditions contained in this Contract on or before the date on which the performance is required, the Seller may give the Buyer a written notice specifying the default and informing the Buyer that if the default continues for a period of fifteen days after service of the notice that the Seller will without further notice declare the entire balance due and payable; or not declare the entire balance due and payable and proceed according to the common law or the statutes of the State of Michigan, including the right to declare a forfeiture after a written notice of forfeiture and fifteen days to cure the default.
Either party may assign, sell, or convey an interest in this Contract, but shall immediately give written notice to the other party of the action, which notice shall give the name and address of the new party.
No assignment, sale or conveyance, shall release the Buyer from obligations under the provisions of this Contract unless Seller releases the Buyer in writing.
It is expressly understood and agreed that time shall be deemed of the essence of this Contract.
Common questions about West Michigan Regional Land Contract Form # 1
Does it need a notary?
STATE OF Michigan, COUNTY OF: On this, before me personally appeared the person known to be the person(s) described in and who executed the instrument and acknowledged that he/she/they executed the same as his/her/their free act and deed. The Notary Public signs and prints a name, and enters the County, Michigan, the Acting in the County of and My Commission Expires lines.
Who signs it?
The parties have signed this Contract in duplicate and it shall be effective as of the day and year first written.
Is there a deadline?
In order to elect to exercise the right, Buyer must give Seller written notice of the election within 60 days of the loss or damage.
Sources
[1] West Michigan Regional Land Contract Form # 1 (served file; no issuer file found) (the Official source link on this page).