Contract for Deed [Insert name of buyer] (“Buyer”) and [Insert name of seller] (“Seller”) hereby agree as follows: 1. Property. This agreement concerns the following described real property: [Insert legal description] Which is commonly known as: [insert full street address] 2. Easements. [Describe any easements] 3. Liens and Encumbrances. [Describe any liens or judgments against the property] 4. Payment Terms. Buyer shall make payment to Seller as follows: a. Monthly Payments. [Describe the monthly payments] b. Interest. Interest shall be calculated at a simple [insert interest rate] and shall be compounded annually. c. Late Payments. Payment is due on the 1st of each month, and shall be considered late if not paid by the close of business on the 15th of said month. A late fee of $25.00 shall apply to all late payments. d. Term of Contract. Payments shall be due beginning on [insert first due date] with a final balloon payment due on [insert final due date], for a contract term of [insert number of months of contract] months. 5. Duties and Obligations. The parties shall have the following duties and obligations: a. Maintenance of Property. [Describe who is responsible and how] b. Insurance. Buyer shall maintain at least [insert minimum amount of insurance] in liability insurance on the property for the duration of this agreement. c. Property Taxes. Property tax shall be the responsibility of Buyer and is included in the monthly payment amount. d. Use of the Property. [Describe who may use it and how] 6. Conveyance. [Describe when and how title will be given to buyer] SELLER BUYER __________________________________ __________________________________ [Insert name of seller] [Insert name of buyer] Subscribed and sworn to before me this ____ day of ______________ 20______. __________________________________ Notary Public