Agreement For Deed Payments - K.I.S.S.
My Agreement for Deed paperwork from Louis Brown has this long and archaic payment schedule. I would just like the documentation to somehow state clearly that $695/mo is the payment due by the 9th and that only $50.00 of the $695.00 will be applied towards the principal amout due instead of the following:
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1. PURCHASE PRICE: The Second Party herein covenants and agrees to pay in legal tender of the United States to the First Party the sum of ____________________________________________________________ Dollars ($_____________) in the following manner:
a. ____________________________________ Dollars ($_________________) paid to the First Party upon execution of this Agreement, the receipt of which is hereby acknowledged.
b. The principal sum of ________________________________________ Dollars ($_________), including ________ (__) discount points to the mortgage, with interest at the rate of _____% percent per annum, in monthly installments of ____________________________ and ____/100's Dollars ($______.____), being principal and interest, beginning on the ______ day of ______________________, 20_____, and continuing on the _______ day of each and every month thereafter, for a period of ________ months, or until termination or call of this Agreement as provided hereinafter.
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Does anyone have anything simpler than this?
JohnCl
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