Seller Finance Agreement (Land Contract)

CONTRACT FOR DEED / INSTALLMENT SALE AGREEMENT
This Contract for Deed, also known as an Installment Sale Agreement ("Agreement"), is made and entered into as of [Date], by and between [Seller Name], an individual ("Vendor" or "Seller"), and [Buyer Name], an individual ("Vendee" or "Buyer").
1. PARTIES AND PROPERTY
(a) Vendor/Seller: [Seller Name], residing at [Seller Address]
(b) Vendee/Buyer: [Buyer Name], residing at [Buyer Address]
(c) Property: The real property commonly known as [Property Address], [City], [State] [Zip], and more particularly described as follows:
Legal Description: [Complete Legal Description]
Parcel Number: [APN/Parcel Number]
2. PURCHASE PRICE AND TERMS
(a) Total Purchase Price: The total purchase price for the Property shall be $[Total Purchase Price] dollars.
(b) Down Payment: Buyer shall pay to Vendor a down payment in the amount of $[Down Payment Amount] upon execution of this Agreement. Such down payment shall be credited toward the final purchase price.
(c) Financed Balance: The remaining balance of $[Financed Balance] shall be financed by Vendor and paid by Buyer in monthly installments as hereinafter provided.
3. FINANCING TERMS
(a) Interest Rate: The financed balance shall bear interest at the rate of [X]% per annum, calculated on the outstanding principal balance.
(b) Monthly Payment: Beginning on [First Payment Date], and continuing on the 1st day of each month thereafter, Buyer shall pay to Vendor the sum of $[Monthly Payment Amount] ("Monthly Payment"), representing payment toward principal and interest.
(c) Amortization Schedule: The monthly payments are calculated on a [X]-year amortization period. Notwithstanding the amortization period, the entire remaining balance shall become due and payable in full on [Balloon Date], which is [X] years from the date of this Agreement ("Balloon Date" or "Due Date").
(d) Payment Application: All payments shall be applied first to accrued interest, then to principal, unless otherwise directed by Vendor in writing.
4. TITLE AND EQUITABLE INTEREST

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[Section 3 — fill in your details...]

[Additional clauses and provisions apply...]