Sample Letter of Agreement for Payment of Lot

When purchasing a lot, it is crucial to have a clear understanding of the terms of payment. This is where a letter of agreement comes in handy. A letter of agreement outlines the details of the payment plan and serves as a legal document that protects the interests of both the buyer and the seller. Below is a sample letter of agreement for payment of a lot:

[Date]

[Buyer’s Name]

[Address]

[City, State ZIP Code]

[Phone Number]

[Email]

[Seller’s Name]

[Address]

[City, State ZIP Code]

[Phone Number]

[Email]

Dear [Buyer’s Name],

We, [Seller’s Name], agree to sell the following lot to you, [Buyer’s Name], for the amount of [Purchase Price]. The details of the payment plan are as follows:

1. A deposit of [Deposit Amount] is due upon signing this agreement.

2. The balance of [Balance Amount] will be paid in [number of payments] equal installments of [Payment Amount] each.

3. The first installment is due on [Due Date] and subsequent payments are due on the same day of each month thereafter.

4. The buyer shall assume responsibility for any additional fees associated with the transfer of ownership, such as taxes, title, and closing costs.

5. The seller shall provide the necessary documentation to transfer the ownership of the lot to the buyer once all payments are made in full.

This agreement is binding upon both parties, and any modification or amendment must be made in writing and agreed upon by both parties.

Please sign below to indicate your acceptance of these terms and conditions.

Sincerely,

[Seller’s Name]

Accepted and agreed to:

[Buyer’s Name]

[Date]

[Signature]

This letter of agreement should be reviewed by both parties and any changes should be made before signing. This document serves as a legal agreement and should be treated with the utmost care and attention.

In conclusion, a letter of agreement for payment of a lot is an essential document in any real estate transaction. It protects the interests of both parties and provides a clear and concise payment plan. Ensure that the terms of the agreement are clearly stated, understood, and agreed upon by both parties before signing the document.

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