Sample of Agreement for Deed. This is for
illustration purposes only. We are not licensed to practice law. An agreement for deed is
another way of offering seller financing to a buyer. Under Florida law it still qualifies
the buyer for Homestead Exemption. But there are 2 key advantages. First, the buyer cannot
get a second mortgage as they only have equitable title to the property. Second,
judgements liens against the buyers do not "stick" to the property.
You need to use a regular mortgage note
along with the Agreement for Deed. Florida law now requires the purchase of documentary
stamps on the warranty deed when you record the Agreement for Deed. This is even though
the Warranty Deed may not be recorded for years, if ever, if the buyer defaults. Please
check with your own attorney.
STANDARD AGREEMENT FOR DEED
Agreement for Deed
THIS AGREEMENT
, Made this _____________ day of _______________ A.D. 19 _____
by and between Norman Linton trustee of the Norman Linton Trust dated XX-XX-XX
of Pinellas County, Florida, hereinafter called Sellers, and Arthur
and Txxxa XXXXX (husband and wife)
hereinafter called Buyers, witnesseth:
That if the said Buyers shall first make the payments and perform the covenants
hereinafter mentioned on their part to be performed, the said Sellers hereby covenant and
agree to convey and assure to the Buyer or their heirs or assigns, in fee simple, clear of
all incumbrances whatever, save only restrictions and covenants of Public Record, by a
good and sufficient Warranty Deed, the real property situated in the County of Pinellas,
State of Florida known and described as follows, to wit:
Lot XX,TAYLOR LAKE SUBDIVISION, according to the map or plat thereof, as recorded in
Plat Book XX, page XX, of the Public Records of Pinellas County, Florida.
XXXX Txxxx Lake Circle, Largo FL 337xx, Property address
And the Buyer hereby agrees and covenants to pay to the Seller the sum of Forty
five thousand and 0/100 dollars ($45,000.00) in the manner following:
A The sum of $ 00.00 in cash, receipt of which is hereby acknowledged.
B One Promissory Note, attached, in the amount of Forty five thousand and 0/100
dollars ($45,000.00) being paid by monthly payments commencing on the 1st
Day of June, 1999 , continuing on the 1st Day of every month thereafter until paid in full
and bearing interest at the rate of 12% p.a. See Note attached which forms part of
this agreement.
and Buyer covenants to pay all taxes, assessments or impositions that may be legally
levied or imposed upon such land subsequent to the year of 1998, and to keep the
buildings, structures and other improvements now or hereafter erected or placed upon said
premises insured against all loss and damage by fire, tornado or windstorm in some company
satisfactory to the Seller in a sum not less than the rebuilding cost of the structures
including all demolition and site clearance during the term of this agreement and to
promptly pay all premiums for such insurance. All sums recoverable on any such insurance
shall be made payable first to the Seller by a loss payable clause satisfactory to the
Seller up to the amount of the then outstanding mortgage balance including accrued
interest, the balance, if any, being payable to the Buyer.
Initials Buyer(s)………… Seller(s)………….
This Agreement for Deed is assignable by Buyer to another party who will be required to
meet Sellers qualifications at that time.
The Buyer is responsible for all maintenance and repairs on the property without
limitation.
Buyer (a) shall not commit waste or permit impairment or deterioration of the Property,
(b) shall not abandon the Property, (c) shall restore or repair promptly and in a good and
workmanlike manner all or any part of the Property to the equivalent of its original
condition, or such other condition as Seller may approve in writing, in the event of any
damage, injury or loss thereto, whether or not insurance proceeds are available to cover
in whole or in part the costs of such restoration or repair, (d) shall keep the Property,
including improvements, fixtures, equipment, machinery and appliances thereon in good
repair and shall replace fixtures, equipment, machinery and appliances on the Property
when necessary to keep such items in good repair, (e) shall comply with all laws,
ordinances, regulations and requirements of any governmental body applicable to the
Property, and (f) shall give notice in writing to Lender of and, unless otherwise directed
in writing by Seller, appear in and defend any action or proceeding purporting to affect
the Property, the security of this Instrument or the rights or powers of Seller.
If default shall be made in the payment of said sums of money, or any part thereof as
provided in this Agreement for Deed, or in the interest that may become due thereon or any
part thereof shall be delinquent and unpaid for a period of fifteen (15) days, or in the
event of default in any other covenant herein, then and thenceforth it shall be optional
with the Seller, his heirs, personal representatives or assigns to consider the whole of
said principal sum expressed in the Agreement as immediately due and payable. In the event
of such default, the Buyer agrees to pay all costs, charges, and expenses in collecting
the money hereby secured, including reasonable attorney's fees and commission whether
collected by foreclosure or otherwise, and any and all monies paid by the Seller by reason
of the default of the Buyer. Payments postmarked more than five (5) days after the due
date shall be considered late and shall be subject to an additional charge of 5%.
The Buyer shall pay the intangible taxes, documentary stamps and recording of the
Agreement for Deed, and for the documentary stamps on the Warranty Deed.
The Seller shall execute and deliver a Warranty Deed to the Buyer when the terms of
this Agreement have been met and the full amount due and owing hereunder are paid in full.
IT IS MUTUALLY AGREED by and between the parties hereto, that time of payment shall be
an essential part of this contract and that all covenants and agreements herein contained
shall extend to and be obligatory upon the heirs, executors, administrators and assigns of
the respective parties.
Initials Buyer(s)………… Seller(s)………….
In Witness Whereof, the parties have executed this Instrument or has caused the same to
be executed by its representatives thereunto duly authorized.
For buyer(s)
Signed, sealed and delivered in the presence of:
_____________________________________
_____________________________________
Witness Buyer
_________________________________ _________________________________
Witness Buyer
STATE OF FLORIDA
COUNTY OF_______________________________ss:
I hereby certify that on this day, before me, an officer duly
authorized in the state aforesaid and in the county aforesaid to take acknowledgements
personally appeared
Arthur Xxxxxx and Txxxx Nxxxx to me known to be the person(s) described
in or who identified themself(ves) to be the persons described by means of
_____________________________________________ and who executed the foregoing instrument
and acknowledged before me that _________executed the same for the purpose expressed.
Witness my hand and official seal in the county and state aforesaid
this ______________day of ___________________ 19___
(Seal)
_________________________________________________
Notary Public
My Commission Expires______________________
For seller
_____________________________________
____________________________________
Witness Seller
____________________________________
____________________________________
Witness Seller
STATE OF FLORIDA
COUNTY OF_______________________________ss:
I hereby certify that on this day, before me, an officer duly
authorized in the state aforesaid and in the county aforesaid to take acknowledgements
personally appeared
Norman Linton
to me known to be the person(s) described in who identified
themself(ves) to be the persons described by means of
_____________________________________________ and who executed the foregoing instrument
and acknowledged before me that _________executed the same for the purpose expressed.
Witness my hand and official seal in the county and state aforesaid
this ______________day of ___________________ 19___
(Seal)
_________________________________________________
Notary Public
My Commission Expires______________________
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