Land Contract Addendum Page of RE: The property known as FORM OF LAND CONTRACT: Current Washtenaw County Bar Association Form. PAYMENT TERMS: Purchase will pay an additional payment of $ in certified funds at closing, making a total down payment of $ Purchaser will pay Seller the balance of $ with interest on any unpaid part at the rate of percent per year. Interest will commence on installments of $ . Purchaser will make payments in monthly each on the day of each month starting Payments will be applied first on late charges, then on interest and then on principal. Purchaser may pay the remaining contract balance in full, or in part, at any time without penalty. Contract balance will be paid in full on or before ESCROWS: (Select one) The contract will not include a provision for monthly tax and insurance escrow payments. The contract will include a provision that Purchaser will pay Seller, in addition to the monthly installments, monthly payments of $ for taxes, assessments and insurance. Seller will hold and account for these payments separate from principal and interest. Each payment is one-twelfth of the estimated yearly cost of these expenses. The amount will be adjusted periodically if the yearly cost changes. If the amounts are underestimated, Purchaser will make a special payment covering the deficiency upon demand. If an underlying lienholder requires Seller to make monthly escrow payments, the amount filled in above represents Seller's current required escrow payment for taxes, assessments and insurance. Purchaser will also pay Seller at closing $ which is the current escrow balance held by the underlying lienholder or required by Seller. Purchaser will also promptly pay Seller an amount equal to any escrow deficiency payment made by Seller to an underlying lienholder. BALLOON PAYMENT: (Check if applicable) The monthly installment payments are not sufficient to pay the balance within the term of the contract. There will be a lump sum DUE ON SALE/UNDERLYING DEBT: Seller will disclose to Purchaser the terms of any existing financing which will not be paid in full at the land contract closing. Seller will secure and provide Purchaser with any written permission for the land contract sale required by such financing prior to closing. OTHER: ALL PARTIES ARE ADVISED TO READ CAREFULLY ALL TERMS OF THE LAND CONTRACT. IN THE EVENT OF A CONFLICT BETWEEN THE LAND CONTRACT FORM AND THIS LAND CONTRACT ADDENDUM, THE TERMS OF THE SIGNED LAND CONTRACT WILL CONTROL. ALL PARTIES ARE ADVISED TO SEEK THE ADVICE OF AN ATTORNEY. Purchaser: Date Date Seller: Purchaser: Date Date Seller: ACCEPTANCE DATE: Seller Purchaser accepts this counter-offer as written. Date: Use of this form is not authorized by the Ann Arbor Area Board of REALTORS® if standard language is modified. Revised 01/01/01 due Seller at the end of the term. No representations have been made by the parties or brokers as the future availability of financing which Purchaser may need to pay the contract balance.
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Land Contract Addendum
Page of
RE: The property known as
FORM OF LAND CONTRACT: Current Washtenaw County Bar Association Form.
PAYMENT TERMS: Purchase will pay an additional payment of $ in certified funds at closing, making a total down
payment of $
Purchaser will pay Seller the balance of $ with interest on any unpaid part at the rate of
percent per year. Interest will commence on
installments of $
. Purchaser will make payments in monthly
each on the day of each month starting
Payments will be applied first on late charges, then on interest and then on principal. Purchaser may pay the remaining contract balance in full, or in part, at any time without penalty. Contract balance will be paid in full on or before
ESCROWS: (Select one)
The contract will not include a provision for monthly tax and insurance escrow payments.
The contract will include a provision that Purchaser will pay Seller, in addition to the monthly installments, monthlypayments of $ for taxes, assessments and insurance. Seller will hold and account for thesepayments separate from principal and interest. Each payment is one-twelfth of the estimated yearly cost of these expenses. The amount will be adjusted periodically if the yearly cost changes. If the amounts are underestimated, Purchaser will make a special payment covering the deficiency upon demand. If an underlying lienholder requires Seller to make monthly escrow payments, the amount filled in above represents Seller's current required escrow payment for taxes, assessments and insurance. Purchaser will alsopay Seller at closing $ which is the current escrow balance held by the underlying lienholder or
required by Seller. Purchaser will also promptly pay Seller an amount equal to any escrow deficiency payment made by Seller to an underlying lienholder.
BALLOON PAYMENT: (Check if applicable)
The monthly installment payments are not sufficient to pay the balance within the term of the contract. There will be a lump sum
DUE ON SALE/UNDERLYING DEBT: Seller will disclose to Purchaser the terms of any existing financing which will not be paid in full at the land contract closing. Seller will secure and provide Purchaser with any written permission for the land contract sale required by such financing prior to closing.
OTHER:
ALL PARTIES ARE ADVISED TO READ CAREFULLY ALL TERMS OF THE LAND CONTRACT. IN THE EVENT OF A CONFLICT BETWEEN THE LAND CONTRACT FORM AND THIS LAND CONTRACT ADDENDUM, THE TERMS OF
THE SIGNED LAND CONTRACT WILL CONTROL.
ALL PARTIES ARE ADVISED TO SEEK THE ADVICE OF AN ATTORNEY.
Purchaser: Date DateSeller:
Purchaser: Date DateSeller:
ACCEPTANCE DATE: Seller Purchaser accepts this counter-offer as written.
Date:
Use of this form is not authorized by the Ann Arbor Area Board of REALTORS® if standard language is modified. Revised 01/01/01
due Seller at the end of the term. No representations have been made by the parties or brokers as the future availability of financing which Purchaser may need to pay the contract balance.
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