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.
Sample Template Preview
Tenant move in date:
The Tenant has given the Management Company of this property $______________ as an initial non refundable option consideration amount. Management and Tenant hereby agree that Tenant will pay an additional sum of $___________________ due monthly for a term of _____ concurrent months to Management under the down payment installment plan. Management shall apply additional monthly sum towards the remainder of the option consideration balance of $__________ until Tenant possesses an eventual option consideration balance of $____________________.
This money is for the Tenant’s non refundable option consideration and is NOT extra fees above the agreed upon rent for this unit!
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, and that ALL OPTION MONIES WILL BE FORFEITED BY TENANT. Tenant’s right to exercise the option is also subject to the Tenant being in compliance with all the terms of the Lease. int.____
Initial Option Payment Amount:
Start Date and Terms of Additional Payments:
End Option Consideration Balance:
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