Minnesota Residential Mortgage

Sell a real estate property to a buyer over time under the terms of this Minnesota Contract for Deed.

• Under the terms of this Contract (also known as a land contract), the seller in essence becomes the mortgage lender by allowing the purchaser to pay off the purchase price over time.
• Once the purchaser has paid all of the remaining balance, plus interest, the seller will transfer ownership of the property to the purchaser.
• If the purchaser fails to make the payments, the seller has the right to take back the property and keep all of the money that the purchaser has paid, as liquidated damages.

This Multistate Fixed Rate Note can be used to secure repayment of a mortgage almost anywhere in the United States.

• This is a promissory note. The borrower promises to repay the principal amount of the loan, plus interest at the specified rate.
• Payments will be made monthly and will be applied first to late charges (if any), then to accrued interest, and then to principal.
• The loan will accelerate if the borrower defaults, and the entire amount owing on the loan will become immediately payable, at the option of the lender.
• The Note can be used in conjunction with a mortgage, a deed of trust or a security deed.

The USA Multistate Fixed Rate Note (Monthly) is a downloadable and fully editable MS Word template.