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The document is a West Michigan Regional Land Contract Form outlining the terms and conditions for the sale of land between a Seller and a Buyer. It includes details on the parties involved, property description, purchase price, payment terms, possession rights, maintenance obligations, tax responsibilities, insurance requirements, default procedures, and the process for conveyance of the property upon full payment. The contract emphasizes the importance of timely payments and compliance with its terms.

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What is the downside of a land contract?

How to fill out MI Land Contract Obtain the MI Land Contract form, either online or from a legal office. Fill in the names and addresses of the buyer and seller at the top of the document. Specify the property address and legal description of the property being sold. State the total purchase price of the property.

How much does it cost to have a land contract drawn up?

ContractsCounsels marketplace data shows the average land contract drafting costs are $550 across all states and industries.

Is it legal to write your own contract?

Can I write my own contract? Yes, you can write your own contract.

How to create a land contract?

In this section, you will find the key pieces a Land Contract must include. Purchase price. Without a mutually agreed-upon purchase price, the Land Contract cannot be binding. Payment plan. Interest rate. Default protocol and penalties. Rights and obligations.

Who writes a land contract?

Since land contracts can easily be written or modified by any seller or buyer; one may come across any variety of repayment plans: interest only, negative amortizations, short balloons, extremely long amortizations just to name a few.

land contract sample

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Can you write your own land contract?

Some states, like California, have created real estate purchase agreements you can download and change. You can also get a template from PandaDoc, as well as benefiting from real estate contract management software functionality.

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