Contract for Deed (Land Contract) - Nevada

CONTRACT FOR DEED (LAND SALE INSTALLMENT CONTRACT)

State of Nevada

1. PARTIES AND RECITALS

1.1 Parties. This Land Sale Installment Contract (the "Contract") is effective [__/__/____] (the "Effective Date") between:

Seller: [________________________________], address [________________________________] ("Seller"); and

Buyer: [________________________________], address [________________________________] ("Buyer").

1.2 Recitals. Seller owns the Property described below and agrees to sell, and Buyer agrees to buy, on installment terms. Seller retains legal title as security until the Purchase Price is paid in full, then conveys title by the deed described in Section 9.

2. PROPERTY AND LEGAL DESCRIPTION

2.1 Property Address: [________________________________], [CITY], Nevada [ZIP], in [____________] County.

2.2 Legal Description: [____________________________________________________________]

2.3 APN (Assessor's Parcel No.): [________________________________]

2.4 Legal Access. Disclosure of the nature and extent of legal access to the Property (required by NRS 598.0923(1)(f)(2)): [________________________________].

2.5 Included Items: All improvements, fixtures, appurtenances, and: [________________________________].

3. PURCHASE PRICE, DOWN PAYMENT, AND INSTALLMENT TERMS

3.1 Purchase Price. $[____________] (the "Purchase Price").

3.2 Down Payment. $[____________] on or before the Effective Date, receipt [☐ acknowledged / ☐ to be paid].

3.3 Financed Balance. $[____________] (the "Principal Balance") at [____]% per annum, [☐ simple / ☐ amortized].

3.4 Installments.

3.5 Place of Payment. To Seller at the Section 1.1 address or as Seller directs.

3.6 Late Charge. A payment not received within [____] days incurs $[____________] or [____]%, to the extent permitted by Nevada law.

3.7 Application of Payments. First to late charges, then accrued interest, then principal.

4. PREPAYMENT

4.1 Buyer may prepay all or part of the Principal Balance at any time without penalty, unless stated here: [________________________________].

4.2 Partial prepayments apply to principal and do not postpone later installments unless Seller agrees in writing.

5. POSSESSION

5.1 Buyer is entitled to possession on [__/__/____] and retains it so long as not in default.

5.2 Buyer holds an equitable interest; legal title passes only on full performance under Section 9.

6. TAXES, INSURANCE, AND MAINTENANCE

6.1 Taxes and Assessments. From [__/__/____], Buyer shall pay before delinquency all taxes, assessments, and charges, and furnish proof on request.

6.2 Insurance. Buyer shall maintain fire/extended-coverage insurance of not less than $[____________], naming Seller as additional insured/loss payee, and deliver evidence.

6.3 Maintenance and Waste. Buyer shall keep the Property in good repair, comply with all laws, and commit no waste. No material structural alterations without Seller's written consent.

6.4 Seller's Right to Cure. Seller may advance unpaid taxes/insurance; advances are added to the Principal Balance at the contract rate.

7. DEFAULT AND REMEDIES (NEVADA)

7.1 Events of Default. (a) failure to pay any installment, tax, or insurance premium when due; (b) breach of any other covenant; (c) waste or abandonment; or (d) Buyer's insolvency or bankruptcy.

7.2 Notice and Right to Cure. Before exercising any remedy, Seller shall give Buyer written Notice of Default specifying the default and cure required, by certified mail to Buyer's last known address. Buyer shall have [____] days (recommended not less than 35 days to parallel NRS ch. 40 notice-of-default timelines) to cure a monetary default and [____] days for a non-monetary default.

7.3 Foreclosure-Equivalent Protections (NRS 598.0923(1)(f)(5)). Buyer is entitled to rights and protections substantially the same as those under a foreclosure under NRS Chapter 40, including written notice of default and election to sell, a meaningful opportunity to cure/reinstate, a sale of the Property, and payment of any surplus from a sale to Buyer.

7.4 Seller's Remedies. If not cured, Seller may, subject to Nevada law:

(a) Foreclosure / Judicial Sale. Enforce Seller's interest by a proceeding affording the NRS ch. 40 protections in Section 7.3, with surplus to Buyer;

(b) Acceleration and Suit. Accelerate the unpaid balance and sue for it;

(c) Termination/Forfeiture. Declare the Contract terminated and retain payments — only to the extent consistent with NRS 598.0923(1)(f)(5) and Nevada equity (bare forfeiture stripping a buyer of substantial equity is disfavored); and/or

(d) Specific Performance or any other remedy at law or equity.

7.5 No Waiver. Acceptance of a late or partial payment is not a waiver of any default or remedy.

8. RECORDING

8.1 Recording of Contract (Mandatory Timing). Under NRS 598.0923(1)(f)(3), Seller shall record this Contract pursuant to NRS 111.315 within 30 calendar days after Seller accepts the first payment from Buyer. Failure to do so is a deceptive trade practice. Recording imparts notice under NRS 111.320 and protects Buyer's interest.

8.2 Transfer Tax. Under NRS 598.0923(1)(f)(4), Seller shall pay the real property transfer tax imposed on the land sale installment contract under NRS Chapter 375.

8.3 Responsibility. [☐ Seller] shall record this Contract within 30 days of the first payment and pay recording fees and transfer tax.

8.4 Acknowledgment. This Contract shall be acknowledged before a notary public to be eligible for recording.

9. TITLE AND CONVEYANCE OF DEED

9.1 Title Held by Seller. Seller retains legal title until the Purchase Price and all sums are paid in full.

9.2 Disclosure of Encumbrances (NRS 598.0923(1)(f)(1)). Seller has disclosed in writing all encumbrances or legal interests in the Property and any known condition affecting Buyer's use: [________________________________].

9.3 Form of Deed. Upon full performance, Seller shall convey by a [☐ Grant, Bargain, Sale Deed / ☐ Warranty Deed / ☐ Quitclaim Deed], free of liens except those created or permitted by Buyer and those of record on the Effective Date.

9.4 Escrow of Deed (Optional). [☐ The parties place an executed deed with [____________] (the "Escrow Agent"), delivered on full payment and released to Seller only on a properly noticed, uncured default.]

9.5 Title Evidence. Seller shall, on request, furnish [☐ a title commitment / ☐ an owner's title policy / ☐ a preliminary report] showing marketable title subject to the Exhibit B exceptions.

9.6 Existing Liens. The Property [☐ is / ☐ is not] encumbered by a mortgage or deed of trust. If encumbered, holder: [________________________________]; balance ≈ $[____________]. Seller covenants to keep any senior lien current and deliver clear title at payoff.

10. RISK OF LOSS

10.1 Buyer bears the risk of loss from and after the date of possession.

10.2 Insurance/condemnation proceeds shall be applied, at [☐ Buyer's / ☐ Seller's] election consistent with the parties' interests, to restoration or to the Principal Balance.

11. ASSIGNMENT

11.1 Buyer shall not assign or convey any interest without Seller's prior written consent (not unreasonably withheld). [☐ Consent not required.]

11.2 Seller may assign the right to receive payments; any assignee takes subject to Buyer's rights and to NRS 598.0923.

12. DUE-ON-SALE / GARN-ST. GERMAIN NOTICE

12.1 A senior mortgage/deed of trust may contain a due-on-sale clause. Under the federal Garn-St. Germain Act, 12 U.S.C. § 1701j-3, a lender generally may accelerate upon transfer by installment land contract, subject to certain exemptions. The parties acknowledge this risk.

13. DISCLOSURES

13.1 Lead-Based Paint (Covered Target Housing). Before Buyer is obligated under this Contract, Seller must complete the current federal process for covered target housing: provide the EPA lead-hazard pamphlet; disclose known lead-based paint and known lead-based-paint hazards; provide every available lead-hazard evaluation report; attach the large-type Lead Warning Statement and Buyer-signed acknowledgments to this Contract; and allow Buyer a 10-day risk-assessment or inspection opportunity unless the parties mutually agree to a different period. ☐ Federal coverage and any exemption reviewed ☐ Current warning/disclosure attachment completed ☐ Pamphlet and available reports delivered ☐ Inspection period completed, waived, or changed by mutual agreement.

13.2 Seller's Real Property Disclosure (NRS 113.130). For residential property, Seller shall complete and deliver the Nevada Seller's Real Property Disclosure Form disclosing known defects, in addition to the encumbrance/condition/access disclosures required by NRS 598.0923.

13.3 Other Disclosures. [________________________________]

14. CONSUMER-PROTECTION GUIDANCE

• NRS 598.0923(1)(f) is mandatory and seller-facing. A seller who fails to disclose encumbrances/conditions/access, record within 30 days of the first payment, pay the ch. 375 transfer tax, or include ch. 40-equivalent buyer protections commits a deceptive trade practice with civil exposure.
• Bare forfeiture is not available; the contract must give the buyer foreclosure-equivalent rights (notice, cure, sale, surplus).
• The 30-day recording clock runs from the first payment, and the recording/transfer-tax duties are the seller's by statute.
• Provide clear amortization/payoff statements; credit all payments.
• Buyer should obtain a preliminary title report and confirm any senior lien before signing.

15. GENERAL PROVISIONS

15.1 Governing Law. Laws of the State of Nevada.

15.2 Entire Agreement. Entire agreement; amendable only in a signed writing.

15.3 Time of the Essence. Time is of the essence.

15.4 Notices. In writing, personally or by certified mail to the Section 1.1 addresses.

15.5 Severability. Invalid provisions do not affect the remainder.

15.6 Binding Effect. Binds heirs, successors, and permitted assigns.

15.7 Counterparts. May be executed in counterparts, including electronic signatures.

16. SIGNATURES AND ACKNOWLEDGMENT

SELLER:

Signature: _______________________________ Date: [__/__/____]

Printed Name: [________________________________]

BUYER:

Signature: _______________________________ Date: [__/__/____]

Printed Name: [________________________________]

NOTARY ACKNOWLEDGMENT

STATE OF NEVADA )
) ss.
COUNTY OF [____________] )

This instrument was acknowledged before me on [__/__/____] by [________________________________].

_______________________________
Notary Public
My commission expires: [__/__/____]

EXHIBIT A — LEGAL DESCRIPTION

[____________________________________________________________]

EXHIBIT B — PERMITTED EXCEPTIONS

1. Real estate taxes and assessments not yet due and payable.
2. [________________________________]

Sources and References

• Nev. Rev. Stat. § 598.0923 (Deceptive trade practice — land sale installment contracts): https://law.justia.com/codes/nevada/chapter-598/statute-598-0923/
• Nev. Rev. Stat. § 111.315 (Recording of conveyances): https://www.leg.state.nv.us/nrs/nrs-111.html
• Nev. Rev. Stat. Chapter 40 (Actions and proceedings in particular cases concerning property; foreclosure): https://www.leg.state.nv.us/nrs/nrs-040.html
• Nev. Rev. Stat. § 375.010 (Real property transfer tax; land sale installment contract definition): https://www.leg.state.nv.us/nrs/nrs-375.html
• Garn-St. Germain Act, 12 U.S.C. § 1701j-3: https://www.law.cornell.edu/uscode/text/12/1701j-3
• Lead-Based Paint Disclosure (42 U.S.C. § 4852d; 24 CFR Part 35): https://www.epa.gov/lead/real-estate-disclosure