Arkansas Contract for Deed
A Contract for Deed is also known as a land contract or installment sale agreement, because the seller allows the buyer to pay part of the purchase price in installment payments over time.
- The seller retains title to the property until the outstanding balance has been paid by the buyer.
- The template provides for several different methods of payment. Typically payments would be made monthly, with a balloon payment for the remaining balance at the end.
- The buyer is responsible for paying all taxes and assessments, and for keeping the property adequately insured.
- If the buyer defaults in payment, the contract is terminated and all payments made by the buyer are forfeited as liquidated damages. There is no foreclosure process involved.
If you plan to sell a property under an owner-financed arrangement, you should consider the Arkansas Contract for Deed. You can download the template immediately after you pay for it.
Last Updated: 14-April-2016