This Contract for Deed is also known as a Land Contract, Agreement for Deed, Contract Sale or Real Estate Instalment Agreement. This contract allows the seller to retain title to the property until the buyer has made all payments under the agreement. In essence, the seller finances the purchase and holds the property title or deed as security. The buyer who makes instalment payments is entitled to possession and equitable title to the property while the seller holds legal title and is liable for any mortgage payments. A Contract for Deed is useful when a buyer cannot obtain traditional financing. Generally the closing costs for this transaction are lower than those involving a bank or mortgage company. The seller can also choose the type of instalment payment method (i.e., with or without interest, balloon payment). It is imperative that a Contract for Deed be set out in writing and that both buyer and seller understand all the terms of this contract.

This Contract for Deed for use in India contains the following provisions:

• Parties: Sets forth the names of both the seller and buyer involved in the transaction;
• Property: Sets forth the location and detailed legal description of the property;
• Included Property: Identifies what is included with the property (i.e., buildings, right-of-way, fixtures, appliances, etc.);
• Excluded Property: Identifies specific items which are excluded as part of this sale;
• Price and Payment: Sets out the price for the property and what type, when and how payments will be made;
• Security: This contract will act as security for the performance and payments by the buyer;
• AS-IS Condition: Buyer will accept the property AS-IS without any type of warranty;
• Deed and Evidence of Title: Seller will deliver a statutory or general warranty deed after buyer fulfils the obligations under this contract;
• Risk of Loss and Insurance: The buyer agrees to keep the property insured against loss by negligence, fire or other casualty;
• Prepayment: The buyer may prepay the entire balance without prepayment penalty and without notice;
• Possession of Property: Buyer shall have possession of the property as long as all contract terms are complied with;
• Default by Either Party: Sets out the consequences of any default by either the seller or buyer;
• Mortgage by Seller: Seller is authorized to place a mortgage on the property;
• Reinstatement after Acceleration: Buyer may reinstate this contract in the event of default and acceleration according to law;
• Assignment of Sale by Buyer: Buyer will not assign his interest in the property without consent of the seller.

Protect Yourself, Your Rights and Your Property with these accurate and easy to use forms.

This lawyer-prepared package includes:

1. Instructions and Checklist
2. General Information
3. Contract for Deed for use in India

Law Compliance: This form complies with the laws of the states and territories of India