This package contains the following forms:
1.) A Contract for Deed;
2.) Assignment of Contract for Deed by Seller;
3.) Notice of Assignment of Contract for Deed;
4.) Seller's Disclosure of Financing Terms;
5.) Seller's Annual Accounting;
6.) Notice of Default for Past Due Payments;
7.) Final Notice of Default for Past Due Payments;
8.) Notice of Intent to Enforce Forfeiture Proceedings;
9.) Final Notice of Intent to Enforce Forfeiture Proceeding and Request to Vacate;
10.) General Notice of Default; and
11.) Seller's Disclosure of Forfeiture Rights
Purchase this package and save up to 70% over purchasing the forms separately!
The Lansing Michigan Contract for Deed Package is a legally binding document that facilitates the purchase of real estate through an alternative financing method. This package includes all the necessary forms and agreements required to execute a contract for deed transaction in Lansing, Michigan. A contract for deed, also known as a land contract or installment agreement, is a unique arrangement where the seller acts as the lender, allowing the buyer to make installment payments directly to them. The buyer gains equitable title and possession of the property while the seller retains legal title until the payment is complete. This provides an opportunity for individuals with limited access to traditional financing to purchase a property. The Lansing Michigan Contract for Deed Package typically includes the following documents: 1. Contract for Deed Agreement: This is the main document that outlines the terms and conditions of the agreement, including the purchase price, payment schedule, interest rate, and default provisions. 2. Promissory Note: This document specifies the details of the loan, such as the principal amount, interest rate, payment schedule, and late payment penalties. 3. Warranty Deed: This deed transfers legal ownership of the property from the seller to the buyer upon completion of the payment. 4. Property Disclosure Statement: This document provides information about the condition of the property, including any known defects or issues. 5. Title Search: Conducted by a title company, this search ensures that there are no outstanding liens or encumbrances on the property. 6. Closing Statement: This document summarizes all the financial transactions, including the purchase price, closing costs, and any adjustments. 7. Notice of Intent to Declare Forfeiture: This document outlines the process and conditions under which the seller can declare forfeiture if the buyer defaults on the payment. In Lansing, Michigan, there might be different types of Contract for Deed Packages tailored for specific purposes or property types, such as residential or commercial properties. However, the basic components mentioned above are generally included in all variations. It is essential to ensure that the specific package selected aligns with the intended property and accommodates the unique needs of both the buyer and the seller.
