This Contract for Deed is also known as a Land Contract, Agreement for Deed, Contract Sale or Real Estate Instalment Agreement. This document allows the seller to retain title to the property until the buyer has made all payments under the agreement. Essentially, the seller finances the purchase and holds the title or deed to the property as security. The buyer making instalment payments is entitled to possession and equitable title to the property while the seller holds legal title and is liable for any payments on any mortgages. A Contract for Deed is helpful in situations where a buyer cannot obtain traditional financing. In general the closing costs for this type of transaction are lower than those involving banks or mortgage companies. It is imperative that a Contract for Deed be set out in writing and that both parties understand the terms of the contract.

This Contract for Deed for use in Australia contains the following provisions:

• Parties: Identifies the seller and buyer who are involved in the transaction;
• Property: Sets out the location and legal description of the property;
• Included Property: Identifies what is included with the property (i.e., buildings, right-of-way, fixtures, appliances, etc.);
• Excluded Property: Identifies items which are specifically excluded in the sale;
• Price and Payment: Sets forth the price for the property and when and how payments will be made;
• Security: Explains that the contract will act as security for the performance and payments by the buyer;
• AS-IS Condition of Property: Buyer will accept the property AS-IS without warranties of any type;
• Deed and Evidence of Title: Seller will deliver a general warranty deed after buyer fulfils his or her obligations;
• Risk of Loss and Insurance: The buyer agrees to keep the property insured against loss by negligence, fire or other casualty;
• Prepayment: The buyer may prepay the entire balance without prepayment penalties;
• Possession of Property: Buyer shall have possession of the property as long as all contract terms are complied with;
• Default by Either Party: Consequences of default by either the buyer or seller;
• Reinstatement after Acceleration: Buyer may reinstate this Contract in the event of default and acceleration according to law;
• Assignment or Sale by Buyer: Buyer will not assign his interest in the property without consent of the seller.

Protect Yourself, Your Rights and Your Property with these accurate and easy to use forms.

This lawyer-prepared package includes:

1. Instructions and Checklist
2. General Information
3. Contract for Deed for Australia

Legal Compliance: This form complies with the state and territory laws of Australia