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Land Contract Template 3


Land Contract Template 3
Land Contract Template 3
DOCUMENT NO.
STATE BAR OF WISCONSIN FORM 11-1982
LAND CONTRACT
Individual and Corporate
(TO BE USED FOR ALL TRANSACTIONS WHERE OVER
$25,000 IS FINANCED AND IN OTHER NON-
CONSUMER ACT TRANSACTIONS)
Contract, by and between
(“Vendor”,
Whether one or more) and
(“Purchaser”, whether one or more).
Vendor sells and agrees to convey to Purchaser, upon the prompt and full performance
of this contract by Purchaser, the following property, together with the rents, profits,
fixtures and other appurtenant interests (all called the “Property”), in
County, State of Wisconsin:
THIS SPACE RESERVED FOR RECORDING DATA
NAME AND RETURN ADDRESS
PARCEL IDENTIFICATION NUMBER
This homestead property.
(is) (is not)
Purchaser agrees to purchase the Property and to pay to Vendor at ,
the sum of $ in the following manner: (a) $
at the execution of this Contract; and (b) the balance of $ , together with interest from date
hereof on the balance outstanding from time to time at the rate of percent per annum until paid in full, as follows:
Provided, however, the entire outstanding balance shall be paid in full on or before the
day of
20
(the maturity date).
Following any default in payment, interest shall accrue at the rate of % per annum on the entire amount in default (which shall
include, without limitation, delinquent interest and, upon acceleration or maturity, the entire principal balance).
Purchaser, unless excused by Vendor, agrees to pay monthly to Vendor amounts sufficient to pay reasonably anticipated annual taxes,
special assessments, fire and required insurance premiums when due. To the extent received by Vendor, Vendor agrees to apply payments to
these obligations when due. Such amounts received by the Vendor for payment of taxes, assessments and insurance will be deposited into an
escrow fund or trustee account, but shall not bear interest unless otherwise required by law.
Payments shall be applied first to interest on the unpaid balance at the rate specified and then to principal. Any amount may be prepaid
without premium or fee upon principal at any time after , 20 (OR) there may be no prepayment of principal without
permission of Vendor.*
In the event of any prepayment, this contract shall not be treated as in default with respect to payment so long as the unpaid balance of
principal, and interest (and in such case accruing interest from month to month shall be treated as unpaid principal) is less than the amount that
said indebtedness would have been had the monthly payments been made as first specified above; provided that monthly payments shall be
continued in the event of credit of any proceeds of insurance or condemnation, the condemned premises being thereafter excluded herefrom.
Purchaser states that Purchaser is satisfied with the title as shown by the title evidence submitted to Purchaser for examination except:
Purchaser agrees to pay the cost of future title evidence. If title evidence is in the form of an abstract, it shall be retained by Vendor
until the full purchase price is paid.
Purchaser shall be entitled to take possession of the Property on , 20 .
*Cross Out One
LAND CONTRACT – Individual and Corporate
STATE BAR OF WISCONSIN
Form No. 11 – 1982
Wisconsin Legal Blank Co., Inc
Milwaukee, Wis.
Land Contract Template 3
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