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Land Contracts

Landlord’s Rules and Regulations

NOTICE:  These rules and regulations are being given to assist in explaining Landlord’s policies and requirements.  From time to time Landlord, at its discretion, may amend these rules and regulations for the purposes for which they were adopted.

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HUD 1 Settlement Statement- Land Contracts

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Down Payment Installment agreement-Land Contracts

Tenant has elected to purchase a 12 month exclusive option on the above referenced property. Tenant’s failure to pay the additional monthly sum on time shall constitute breach and will result in cancellation of the option agreement,

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Deed Modification Agreement- Land Contracts

The maturity date of the aforesaid Note and Warranty Deed is hereby extended to           , 20      at which time all principal and accrued interest, if not sooner paid shall be due and payable.
The principal amount of the aforesaid Note and Warranty Deed  will be reduced, due to a principal paydown,

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Consignment of Interest in Insurance Claim-landcontracts

When settlement of claim is approved, the owner agrees to contract for repair or replacement with THE WESTWINDS GROUP, L.C.  The contract price will be calculated in the same manner as the insurance settlement.

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Checklist for Sales with New Loans

Secured sales transactions are very important during loan processing in order to get a secured interest. To get a secured loan processing services without any delays, clients have to careful and aware of the details which they need to fulfil. With a checklist for sales transaction during the processing of a new loan, people can be benefitted to a great extent.

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Checklist for Acquisitions-Land contracts

CONTRACT PHASE

Earnest Money Contract Or Lease With Option To Purchase
Seller’s Disclosure
Lead Based Paint Addendum if built before 1978
Water District (MUD) Notice
Request for Mortgage Information Letter

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Cancellation of Existing Hazard Insurance-land contacts

Please cancel the above referenced policy effective ________________________.  The Westwinds Group, L.C. will be managing our property and will replace this policy with a policy written by:

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Assignment of Escrow Funds and Insurance

As part of the consideration for the sale of the security, we have agreed and do hereby agree that all funds held by you for the account of the Seller in connection with said loan or in escrow to pay taxes, maintenance fees, private mortgage insurance or insurance on the security shall hereafter belong to said undersigned purchasers;

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Application Receipt Agreement-land contracts

RECEIVED the total sum of $____, consisting of a $_____ non-refundable application fee and a reservation/earnest money fee of $______ to reserve the property known as __

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