Buying A House On Contract Template

Disclaimer

The information provided is for general illustrative purposes only and does not substitute for professional legal advice. Individuals considering purchase agreements through installment or contract sales should consult with qualified legal professionals to ensure compliance with applicable laws and regulations. Variations may exist based on jurisdiction, so it is essential to tailor any template to specific local requirements. Use of this example is at the user’s own risk, and no liability is assumed for errors or misapplication without proper legal review.

Please note: this is a sample template for a Contract to Buy a House. Actual terms and conditions may vary based on specific agreements and local laws.

Sample Contract for Buying a House on Contract

Parties:

Seller: Michael Johnson
Address: 789 Maple Avenue, Springfield, IL 62704

Buyer: Emily Davis
Address: 321 Oak Street, Springfield, IL 62704

Description of the Property:

The property under this agreement is located at 789 Maple Avenue, Springfield, IL 62704, including any fixtures, appliances, and rights associated with the property.

Purchase Price and Payment Schedule:

The total purchase price shall be $150,000. The Buyer agrees to make an initial deposit of $15,000 upon signing this contract. The remaining balance shall be paid in monthly installments of $1,250 over a period of 108 months, commencing on __________________ and ending on __________________.

Option or Deposit:

The Buyer has paid a refundable option deposit of $5,000, which may be applied toward the purchase price upon closing or retained if the Buyer elects not to proceed without valid reason, as stipulated herein.

Obligations of the Parties:

The Seller agrees to maintain the property in good condition until transfer of title. The Buyer agrees to make payments as scheduled, keep the property insured, and maintain it in good condition. Both parties agree to comply with all applicable laws and regulations.

Governing Law:

This agreement shall be governed by the laws of the State of Illinois. Any disputes shall be subject to resolution in the courts of Sangamon County.

Additional Provisions:

• The Seller shall provide clear title at closing, free of liens or encumbrances.
• The Buyer shall have the right to inspect the property prior to closing.
• Any modifications to this contract must be in writing and signed by both parties.

Springfield, ______________________