Down Payment Installment agreement-Land Contracts,
Down payment installment agreement details
In the down payment installment agreement the details of the tenant and the property are mentioned. In which it mentions that the tenant has paid a sum and that is an initial non refundable amount. It consists of the details of the amount the tenant needs to pay to the management as a down payment installment as well as the monthly amount for the remainder of the balance. This option is to be paid till a certain balance is reached. It also states that the money is towards the non refundable option and it is not part of the extra fees which have been agreed upon by the tenant and the management.
In this it mentions that the tenant will purchase a 12 month option exclusively on the referenced property. Incase there are chances that the tenant does not pay the extra monthly amount on time, it will mean that the option agreement has been cancelled and all the money of the option are forfeited by the tenant. As per the down payment installment agreement the tenant does not have the right to exercise the option if he has not complied with all the lease agreement terms.
This consists of details of initial option amounts, the starting date as well as the dates of additional payments as well as the ending date and the ending option of consideration
This document is binding on the management and the tenant and both need to sign and date the document which is then considered valid in the court of law.
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