The Lot Installment Agreement is utilized when a purchaser wishes to buy land but prefers or requires a payment structure spread over time rather than a single lump sum payment. This document, governed by English and Welsh law, establishes the legal framework for such transactions, protecting both parties' interests while ensuring compliance with property law requirements. It includes detailed provisions for payment schedules, property maintenance, default remedies, and ultimate transfer of title, making it particularly valuable for development projects or private land sales where traditional mortgage financing may not be suitable.
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1. Parties: Identification and details of seller and purchaser
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the lot including boundaries and rights
5. Purchase Price: Total purchase price and payment structure
6. Payment Terms: Installment schedule, amounts, and payment methods
7. Default Provisions: Consequences of payment default and remedies
8. Transfer of Title: Conditions for transfer of legal title
1. Insurance Requirements: Property insurance obligations during the payment period
2. Property Maintenance: Maintenance obligations during payment period when purchaser takes possession before final payment
3. Early Payment Provisions: Terms and conditions for early payment of installments
1. Schedule 1 - Property Plan: Detailed plan showing the lot boundaries and features
2. Schedule 2 - Payment Schedule: Detailed breakdown of installment amounts and due dates
3. Schedule 3 - Title Documents: Copies of relevant title documents and searches
4. Appendix A - Property Photographs: Current photographs of the property and lot
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