Forms Used in Particular Jurisdictions – California Installme
Form for a Particular Jurisdiction
While some forms are acceptable in all jurisdictions, some forms are acceptable in particular jurisdictions only. Here is the list of some of the points that are part of Forms Used in Particular Jurisdictions – California Installme.
- The agreement begins with the declaration of the date of the agreement as well as the name of the persons between whom the deed is occurring. Address of the property along with its selling price is also mentioned in earlier parts of the contract. The amount of money that the buyer will pay at the time of signing the agreement and also the the amount which will be paid in instalments, till what date and what interest rate is also mentioned in the contract.
- Along with this mandatory declaration there are several other rules and regulations among which the first one is about delivering the possession to the purchaser once the agreement is executed and delivered.
- The next point is about the duty of the buyer to pay all the taxes and assessments right from the date of execution of the contract unless stated otherwise in the contract.
- In one of the points, it is clearly mentioned that once the seller receives the decided amount of payment, he will have to execute a grant deed in favour of the buyer for the property mentioned in the agreement.
- If the buyer fails to give his or her instalments on time, the seller will have the right to retain the money paid to him as part of the agreement.
Sample Template Preview
Forms used in particular jurisdictions—California—Installment contract for deed.
This agreement, made this _________[date] between _________, seller, and _________, buyer provides:
That the seller, in consideration of the payments to be made by the buyer and the conditions and covenants to be kept and performed by h?, as set forth below, agrees to sell and the buyer agrees to buy, the real property, situated in the _________, County of _________, State of California, described as follows: _________ for the sum of $_____, and the buyer, in consideration of the premises, promises and agrees to pay the seller the above sum of money, for all of the real property, as follows: $_____ upon the execution and delivery of this agreement, the receipt of which is acknowledged, and the balance of $_____ in installments, including interest on all unpaid principal from date of this agreement until date of payment at the rate of _____% per annum. The first installment of $_____ to be paid _________[date], and a like amount shall be paid on the same day of each _________ until the balance of principal and interest has been paid in full. The amount of the final payment, however, shall be the total of the principal and interest then due.
In addition it is agreed as follows:
First. Possesion shall be delivered to the buyer upon the execution and delivery of this agreement, unless otherwise provided in this agreement.
Second. The buyer shall pay all taxes and assessments from date of this agreement assessed and levied against the property, unless otherwise specified in this agreement. Taxes for the fiscal year ending June 30th following the date of this agreement shall be prorated, unless otherwise specified in this agreement.
Third. The seller on receiving payment of all amounts of money mentioned in this agreement shall execute a grant deed for the property in favor of buyer and shall deliver the deed to buyer. As of the date of delivery of deed the seller shall supply the buyer with a policy of title insurance or certificate of title, to be issued by a reliable title company, which shall show the title to the property to be merchantable and free from taxes, assessments, liens and incumbrances, except such of them as are set forth in this agreement and such of them as may be suffered or created by the buyer. The seller shall pay for evidence of title unless otherwise set forth in this agreement.
Fourth. Should the buyer fail to make the payments or any of them when due or fail to comply with the conditions, covenants and agreements set forth in this agreement, the amounts paid on them may be retained by the seller as the consideration for making this agreement and the seller shall be released from all obligation in law or equity to convey the property and any occupancy of the property by buyer shall be deemed to be and be a tenancy at the pleasure of the seller and buyer shall never acquire and expressly waives any and all rights or claims of title because of such possession.
Fifth. Should the seller sue the buyer to enforce this agreement or any of its terms, the buyer shall pay a reasonable attorney fee and all expenses in connection with it.
Sixth. The seller reserves the right to deliver the deed, at any time during the term of this agreement, and the buyer, in lieu of this agreement, shall execute and deliver to seller, or h? nominee, a note for all amounts of money then unpaid and the note shall be secured by a deed of trust on the property and the buyer shall likewise execute and deliver the deed of trust concurrently with the delivery of the note.
Seventh. The waiver by the seller of any covenant, condition or agreement contained in this agreement shall not vitiate the same or any other covenant, condition or agreement contained in this agreement and the terms, conditions, covenants and agreements set forth in this agreement shall apply to and bind the heirs, successors, and assigns of each of the parties. Time is the essence of this agreement.
Eighth. All words used in this agreement, including the words buyer and seller, shall be construed to include the plural as well as the singular number and words used in the present tense shall include the future as well as the present and words used in the masculine gender shall include the feminine and neuter.
Ninth. The buyer shall insure the buildings now on the property if any, or such buildings as may be placed on it, against fire, for not less than 75% of the value of them, with some fire insurance company to be approved by the seller and any loss shall be paid to the buyer and the seller as their interests may appear. Should the property be not insured as above the seller may insure the property and the cost of this shall be paid by the buyer, upon demand, including interest on it from the date the premium is paid by the seller. All insurance policies to be issued as above shall be delivered to and held by the seller until all amounts of money to be paid by the buyer have been paid in full.
In witness of which parties have executed this agreement as of the day and year first written above.
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