Contract for Deed (Land Contract) - Nevada

CONTRACT FOR DEED (LAND CONTRACT)

Before you use this contract: Nevada calls this a land sale installment contract when the buyer pays over time and the seller retains title until the full price is paid (NRS 375.010(1)(d)). Complete the written title, condition, and access disclosures below. The default terms preserve foreclosure-equivalent rights; obtain counsel review before signing.

This Contract is made on [DATE] between [SELLER LEGAL NAME AND MAILING ADDRESS] (Seller) and [BUYER LEGAL NAME AND MAILING ADDRESS] (Buyer).

Property and written disclosures

Seller agrees to sell to Buyer the real property in [COUNTY] County, Nevada, legally described in Exhibit A (Property). Its street address, for identification only, is [ADDRESS], and its assessor's parcel number, if assigned, is [APN]. Fixtures and other included items: [LIST]. Excluded items: [LIST OR NONE].

Seller's existing encumbrances and other legal interests affecting Property: [LIST EACH LIEN, EASEMENT, LEASE, OPTION, AND HOLDER, OR WRITE “NONE”]. Attach current title evidence as Exhibit B.

Conditions known to Seller affecting Buyer's use: [DESCRIBE, OR WRITE “NONE KNOWN”].

Nature and extent of legal access: [DESCRIBE PUBLIC OR PRIVATE ACCESS, EASEMENT LOCATION, RECORDING REFERENCE, AND LIMITS].

These written disclosures are part of this Contract (NRS 598.0923(1)(f)(1)-(2)). Seller shall update Buyer promptly in writing if Seller learns that a disclosure was materially incomplete before closing.

Purchase and payment terms

Purchase price: $[AMOUNT]. Down payment: $[AMOUNT] due [DATE]. The balance of $[AMOUNT] bears interest at [RATE]% per year, calculated [SIMPLE INTEREST / ATTACHED AMORTIZATION SCHEDULE]. Buyer shall pay $[AMOUNT] on [DAY] of each [MONTH / OTHER PERIOD], beginning [DATE], at [PAYMENT ADDRESS OR METHOD]. Final payment is due [DATE]; any balloon amount is $[AMOUNT OR NONE]. Attach the completed payment schedule as Exhibit C.

Payments apply first to lawful costs or agreed late charges, then accrued interest, then principal. A late charge of [AMOUNT OR FORMULA] applies only after [NUMBER] days and only to the extent lawful. Buyer may prepay without penalty unless the following signed term states a lawful charge: [TERM OR NONE]. Seller shall give Buyer a written balance and payment history on reasonable request.

Possession, costs, and title

Buyer receives possession on [DATE]. From [DATE], Buyer shall pay current real property taxes, assessments, utilities, and ordinary maintenance costs, subject to any existing arrears disclosed in Exhibit B. Buyer shall maintain agreed property insurance naming Seller as an additional interest or loss payee as appropriate. Buyer shall avoid waste and material unlawful use.

Seller retains legal title pending full performance and shall not add a new lien or transfer the Property in a manner that impairs Buyer's rights. Seller shall keep every disclosed senior loan current and provide evidence on Buyer's reasonable request. Seller bears the cost of removing Seller-created liens not accepted by Buyer. Risk of casualty loss and the use of insurance proceeds: [COMPLETE AGREED ALLOCATION].

Within [NUMBER] days after Buyer completes payment and other material obligations, Seller shall deliver a duly executed and acknowledged [SELECT DEED TYPE] conveying title subject only to the exceptions accepted in Exhibit B and any Buyer-created encumbrances. Seller shall also deliver evidence that Seller-created monetary liens have been released or will be paid at closing.

Default and foreclosure-equivalent protection

A missed payment or other material breach is a default only after Seller gives Buyer written notice identifying the breach, the amount or conduct needed to cure it, and the address for cure, and Buyer fails to cure within [NUMBER] days after receipt. The parties may agree to a longer cure period in writing.

Seller may demand the unpaid balance after an uncured default, but Seller shall not terminate this Contract by bare forfeiture, retain all prior payments as liquidated damages, or take possession without a judicial order. To enforce Seller's retained-title security interest, Seller shall bring a court proceeding that affords Buyer rights and protections substantially the same as foreclosure under NRS Chapter 40. Those protections include notice of the case and proposed sale, judicial determination of the amount due, a court-directed sale, a right to cure a payment default by paying the deficiency and allowable costs no later than five business days before a court-directed sale, credit for all Buyer payments, and payment of any surplus to Buyer after lawful sale expenses, Seller's secured balance, and superior or junior interests in their lawful order (NRS 598.0923(1)(f)(5); NRS 40.430(1), (3); NRS 40.462(2)). A party may seek equitable relief consistent with those protections.

No term here waives a statutory defense or expands a deficiency claim. Acceptance of a late payment on one occasion does not waive a later breach unless Seller agrees in writing.

Recording and tax

Seller shall sign and present this Contract for recording in the county where the Property lies within 30 calendar days after accepting Buyer's first payment (NRS 598.0923(1)(f)(3); NRS 111.315). Seller shall pay the real property transfer tax imposed on this land sale installment contract, if due, and provide the declaration of value required at recording (NRS 598.0923(1)(f)(4); NRS 375.020(1), 375.060(1)). Recording this acknowledged Contract gives notice under NRS 111.320. Recording costs: [SELLER / OTHER AGREED ALLOCATION].

First payment accepted on [DATE]. Recording deadline: [DATE]. Recorder document number after recording: [NUMBER].

Disclosures and other terms

For any covered target housing, Seller shall attach the completed federal lead warning and disclosure forms, pamphlet acknowledgment, available reports, and inspection-opportunity acknowledgment before Buyer is bound (42 U.S.C. § 4852d(a)). Coverage reviewed: ☐ Yes ☐ Not applicable, reason [REASON].

A senior loan may impose transfer restrictions. Buyer has received copies of disclosed loan documents: ☐ Yes ☐ Not applicable. Any required consent or payoff plan: [DETAILS].

This Contract is governed by Nevada law. Notices must be written and delivered to the party addresses above by [METHOD], subject to any method law requires. Amendments must be in writing and signed by both parties. This Contract and attached Exhibits A–[LETTER] state the entire agreement. If a term is unenforceable, the rest remains effective to the extent it can operate independently.

Signatures

SELLER: [SIGNATURE] [PRINTED NAME] Date: [DATE]

BUYER: [SIGNATURE] [PRINTED NAME] Date: [DATE]

Acknowledgment

State of [STATE]

County of [COUNTY]

This instrument was acknowledged before me on [DATE] by [SELLER NAME(S)] and [BUYER NAME(S)].

[NOTARY SIGNATURE]

[PRINTED NAME AND TITLE]

My commission expires: [DATE]

[NOTARIAL SEAL]

Exhibits

Exhibit A — Complete legal description: [INSERT DESCRIPTION FROM CURRENT TITLE RECORD]

Exhibit B — Title evidence, encumbrances, accepted exceptions, known conditions, and legal access: [ATTACH]

Exhibit C — Amortization and payment schedule: [ATTACH]

Exhibit D — Lead Warning and Disclosure Attachment: Complete below if applicable.

EXHIBIT D — LEAD WARNING AND DISCLOSURE ATTACHMENT

Property: [________________________________________________]

LEAD WARNING STATEMENT

Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.

Seller disclosure: ☐ Seller knows of lead-based paint or lead-based-paint hazards: [DESCRIBE BASIS, LOCATION, AND CONDITION: ________________________________] ☐ Seller has no knowledge of lead-based paint or lead-based-paint hazards.

Records and reports provided to Buyer: [LIST EACH AVAILABLE LEAD-HAZARD RECORD OR REPORT PROVIDED: ________________________________] ☐ Seller has no such records or reports available.

Buyer acknowledgment: By signing below, Buyer acknowledges receipt of Seller's disclosure and the records or reports listed above, and receipt of the federally approved lead-hazard information pamphlet. Buyer also states that Buyer has read the Lead Warning Statement and understands its contents.

Inspection opportunity: Buyer ☐ received a 10-day opportunity to conduct a lead risk assessment or inspection before becoming obligated under this Contract; ☐ received a different period mutually agreed in writing: [____] days; or ☐ waives that opportunity.

Seller's agent certification, if an agent is involved: I informed Seller of Seller's obligations under 42 U.S.C. § 4852d and am aware of my duty to ensure compliance with the federal lead-disclosure requirements.

Agent name (repeat for each involved agent): [________________________________] Agent signature: [________________________________] Date: [__/__/____]

By signing, Seller, any involved agent, and Buyer certify the accuracy of their statements to the best of their knowledge.

Seller signature (repeat for each seller): [________________________________] Date: [__/__/____]

Buyer signature (repeat for each purchaser): [________________________________] Date: [__/__/____]

Seller and any involved agent must retain a copy of the completed attachment for at least three years from completion of the sale under 40 C.F.R. § 745.113(c)(1).