Vermont Contract For Deed

Vermont Contract For Deed
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A Contract for Deed is sometimes also know as a Land Contract, Agreement for Deed, Contract Sale or Real Estate Installment Agreement. This type of Document allows the Seller to retain the title to the property and agree to transfer the title to the Buyer once all the payments under the Agreement are made and all other obligations are met. In essence, the Seller finances the purchase and holds the title or deed as security. When the Buyer completes the required payments, the Seller must deliver valid legal title by way of a deed. During the period of the contract, the Buyer makes installment payments on the purchase price and is entitled to possession and equitable title to the property. The Seller holds legal title and continues to be liable for payment of any underlying mortgage. Key Provisions in this form include:
- Parties: Identifies the parties involved in the transaction
- Security: Defines the amount used as security
- AS-IS condition of Property: Sets out the condition of the property
- Deed and Evidence of Title: Promise that seller will deliver a general warranty deed
- Title: Assurance that title will be good
- Risk of Loss and Insurance: Assigns the risk of loss
- Prepayment: Consequences of prepayment
- Default: Consequences of default
- Maintenance of Property: Sets forth conditions on maintenance of property
This attorney-prepared packet contains:
1. Instructions and Checklist for Contract for Deed;
2. Information about Contract for Deed;
3. Contract for Deed
4. Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
State Law Compliance: This form complies with the laws of Vermont
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