"Contract for Deed (Land Contract)" - Louisiana

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Louisiana Contract for Deed
(Land Contract)
This ​ C ontract for Deed (hereinafter referred to as the "Contract") is entered into as of
________________________ by and between:
_______________________________________________________________
(hereinafter referred to as the "Seller") on the first part,
AND
_______________________________________________________________
(hereinafter referred to as the "Purchaser") on the second part,
IN CONSIDERATION OF the covenants and agreements contained in this Contract
and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties to this Contract agree as follows:
1. Sale of Property. On _______________________, the Seller, for and in
consideration of the sum of $__________________, does hereby convey and grant
with warranty covenants to the Purchaser, all of the following lands and property,
together with all improvements located on the property:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
(hereinafter referred to as the "Premises").
2. Issues Affecting the Property. The Purchaser and the Seller agree that the
Purchaser takes the property with the following conditions and defects relating to the
property:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
3. Purchase Price. ​ T he purchase price of the Premises (hereinafter referred to as the
"Purchase Price") is $__________________.
The Purchaser agrees to pay $__________________ upon execution of this Contract
and the balance of the Purchase Price being payable in monthly installments of
Louisiana Contract for Deed
(Land Contract)
This ​ C ontract for Deed (hereinafter referred to as the "Contract") is entered into as of
________________________ by and between:
_______________________________________________________________
(hereinafter referred to as the "Seller") on the first part,
AND
_______________________________________________________________
(hereinafter referred to as the "Purchaser") on the second part,
IN CONSIDERATION OF the covenants and agreements contained in this Contract
and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties to this Contract agree as follows:
1. Sale of Property. On _______________________, the Seller, for and in
consideration of the sum of $__________________, does hereby convey and grant
with warranty covenants to the Purchaser, all of the following lands and property,
together with all improvements located on the property:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
(hereinafter referred to as the "Premises").
2. Issues Affecting the Property. The Purchaser and the Seller agree that the
Purchaser takes the property with the following conditions and defects relating to the
property:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
3. Purchase Price. ​ T he purchase price of the Premises (hereinafter referred to as the
"Purchase Price") is $__________________.
The Purchaser agrees to pay $__________________ upon execution of this Contract
and the balance of the Purchase Price being payable in monthly installments of
$__________________, due on the ________ of each month, beginning on
________________ until the Purchase Price is paid in full.
4. Interest Charges. Interest of _________% per year will be computed monthly and
deducted from the monthly payments. The balance of the monthly payment will be
applied to the principal amount of the Purchase Price outstanding.
5. Lump Sum Payments. Lump sum payments may be made at any time, without
penalty, to reduce the principal amount of the Purchase Price outstanding.
6. Property Taxes and Assessments. ​ F or the duration of the Contract, all taxes and
assessments levied against the Premises will be the responsibility of the:
S eller
☐ ​
P urchaser
☐ ​
7. Insurance.
7.1. ​ T he Purchaser is _________________________ for insuring the Seller's contents
r esponsible/not responsible
and furnishings in or about the Premises against either damage or loss and the
Purchaser assumes no liability for any such damage or loss.
7.2. The Purchaser understands that the personal property of the Purchaser is
__________________________ by the Seller for either damage or loss.
i nsured/not insured
7.3.​ The Purchaser understands that the Premises is ___________________________
i nsured/not insured
by the Seller for either damage or loss to the structure, mechanical or improvements to
the Premises, and the Seller assumes no responsibility for any such damage or loss.
7.4.​ The Purchaser __________________________ for maintaining liability insurance
r esponsible/not responsible
on the Premises for the benefit of both the Purchaser and the Seller.
7.5. ​ F or any required insurance of the Purchaser stipulated in this contract, the proof
of insurance will be given to the Seller upon _________________________________
r equest of insurance/renewal of insurance
within ________ weeks of renewal.
8. Purchaser’s Default.
8.1. In the event of the Purchaser's failure to perform any covenant or condition
contained in this Contract, the Seller will give the Purchaser a notice of default. The
notice will give the Purchaser _________ days from the date the notice is received to
remedy the default.
If the Purchaser fails to remedy the default within _________ days, then the entire
balance of the Purchase Price, including interest payable, will become due _________
days after the _________ day period to remedy the default expires (hereinafter
referred to as the "Notice Period"). Failure to pay the full amount of the Purchase
Price owing will result in the termination of this Contract at the end of the Notice
Period.
8.2. ​ T he Purchaser and the Seller agree that in the event that the Purchaser fails to
remedy a default and this Contract is terminated, the Purchaser will vacate the
Premises within _________ days of the Contract terminating. The Purchaser and the
Seller further agree that failure of the Purchaser to vacate within that period gives the
Seller a right to maintain an action to obtain vacant possession of the Premises.
8.3. In the event of default and termination of this Contract by the Purchaser, the
Purchaser forfeits any and all payments made under the terms of this Contract,
including but not limited to all payments made towards the Purchase Price, and any
and all taxes, assessments, or insurance premiums paid by the Purchaser, as liquidated
damages for breach of this Contract.
8.4. The Seller reserves the right to recover damages resulting from the willful acts or
negligence of the Purchaser.
9. Seller’s Right to Reinstate Contract After Default.
9.1. In the event of the Purchaser's default and the termination of this Contract, the
Seller, at his sole discretion, will have the right to reinstate this Contract. In exercising
his discretion, the Seller may require the Purchaser to:
● pay all amounts due and owing under this Contract had the Contract not been
terminated;
● cure any defaults that have occurred;
● pay all expenses incurred by the Seller in enforcing their rights under this
Contract.
9.2. All payments made under the preceding provision must be made in a form
acceptable to both parties.
10. Assignment or Sale of the Premises. The Purchaser may not sell, assign, transfer,
convey, encumber, or otherwise deal with any interest in the Premises without the
written consent of the Seller.
11. Deed and Evidence of Title. ​ U pon payment of the full Purchase Price, including
all taxes, assessments, interest, and other charges due to the Seller, the Seller agrees to
deliver to the Purchaser, within a reasonable amount of time, a Warranty Deed to the
Premises in the name of the Purchaser, free and clear of all liens and encumbrances
except for the following liens, charges, and encumbrances:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
12. Disclosure Requirements. ​ T he Purchaser and the Seller shall make all disclosures
required by law.
13. Notices. ​ A ll notices required to be sent under this Contract will be sent by prepaid
registered mail to:
● If to the Purchaser: _______________________________________________
_______________________________________________________________
● If to the Seller: __________________________________________________
_______________________________________________________________
14. Charges for Late Payment. In the event the Purchaser pays a monthly
installment payment after it becomes due, there will be a late fee of
$__________________ assessed to the Purchaser as a reasonable pre-estimate of the
Seller's loss as a result of the late payment. Such fees will be deducted from any
payment to the Seller before being applied against the monthly installment owing.
15. Conveyance or Mortgage by Seller.
15.1. ​ T he Seller reserves the right to encumber the Premises with a mortgage. The
Seller agrees to meet the obligations due under the mortgage and to provide proof of
the same to the Purchaser upon the written demand of the Purchaser.
15.2. ​ T he Seller reserves the right to convey their interest in the Premises, subject to
this Contract. Such conveyance will not be cause for termination of this Contract.
16. Security. ​ T his Contract will act as security for the performance of all of the
Purchaser's obligations under this Contract.
17. Time Is of the Essence. Time is of the essence for the performance of all of the
Purchaser's obligations under this Contract.
18. Attorney Fees. ​ I n the event of a default by the Purchaser, the Purchaser will pay
all the Seller's reasonable and actual attorney fees associated with enforcing the
Seller's rights under this Contract. The default will not be deemed to be corrected until
all attorney fees have been paid.
19. Entire Contract. ​ T his Contract will constitute the entire agreement between the
Purchaser and the Seller. Any prior understanding or representation of any kind
preceding the date of this Contract will not be binding on either party except to the
extent that it is incorporated into this Contract.
20. Amendments. ​ A ny amendments or modifications of this Contract or additional
obligations assumed by either party in connection with this Contract will only be
binding if they are evidenced in writing and signed by each party or an authorized
representative of each party.
21. Waivers. A waiver of any rights by any party in connection with this Contract will
only be binding if evidenced in writing and signed by each party or an authorized
representative of each party.
22. Severability.
22.1. If there is a conflict between any provision of this Contract and the applicable
legislation of the State of ________________________ (hereinafter referred to as the
"Act"), the Act will prevail and such provisions of this Contract will be amended or
deleted as necessary in order to comply with the Act.
22.2. In the event that any of the provisions of this Contract will be held to be invalid
or unenforceable in whole or in part, those provisions, to the extent enforceable and all
other provisions of this Contract will nevertheless continue to be valid and enforceable
as though the invalid or unenforceable parts had not been included in this Contract and
the remaining provisions had been executed by both parties subsequent to the
expungement of the invalid provision.
23. Interpretation. Headings are inserted for the convenience of the parties only and
are not to be considered when interpreting this Contract. Words in the singular mean