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Unimproved Property Contract

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SELLER FINANCING ADDENDUM

EQUAL HOUSING OPPORTUNITY

PROMULGATED BY THE

NOTICE: NOT FOR USE FOR COMPLEX TRANSACTIONS

ADDENDUM TO EARNEST MONEY CONTRACT BETWEEN THE UNDERSIGNED PARTIES CONCERNING THE PROPERTY IDENTIFIED AS

A. PROMISSORY NOTE.

The promissory note (the Note) described in Paragraph 4 of the Earnest Money Contract payable by Buyer (Maker) to the order of Seller (Payee) shall be payable at the place designated by Payee. The Note may be prepaid in whole or in part at any time without penalty. Any prepayments are to be applied to the payment of the installments of principal last maturing and interest shall immediately cease on the prepaid principal. The lien securing payment of the Note will be inferior to any lien securing any superior note described in the contract. The Note shall be payable as follows:

(1) In one payment due after the date of the Note with interest payable

(2) In installments of $ ( ) including interest ( ) plus interest

beginning after the date of the Note and continuing at intervals thereafter for when the entire balance of the Note shall be due and payable.

(3) Interest only in installments for the first

and thereafter in installments of $ ( ) including interest ( ) plus

interest beginning after the date of the Note and continuing at

intervals thereafter for when the

entire balance of the Note shall be due and payable.

B. DEED OF TRUST.

The deed of trust securing the Note shall provide for the following:

(1) ASSUMPTION OF NOTE OR PROHIBITIONS AGAINST ASSUMPTION: (check only one)

(a) Assumption Without Consent: The Property may be sold without the consent of the Payee, provided any subsequent buyer assumes the Note.

(b) Assumption With Consent: The Property may be sold to a subsequent Buyer who assumes the Note, with no change in interest rate or terms; provided the subsequent buyer obtains prior written consent from the Payee. Consent will be based on the subsequent Buyer's credit history, and shall not be unreasonably withheld. If all or any part of the Property is sold, conveyed, leased for a period longer than 3 years, leased with an option to purchase, or otherwise sold (including by contract for deed), without the prior written consent of the Payee, then the Payee may at his option declare the outstanding principal balance of the Note, plus accrued interest, to be immediately due and payable. The creation of a subordinate lien, any sale thereunder, any deed under threat or order of condemnation, any conveyance solely between makers, or the passage of title by reason of the death of a maker or by operation of law shall not be construed as a sale or conveyance of the Property.

(c) Prohibition Against Assumption: If all or any part of the Property is sold, conveyed, leased for a period longer than 3 years, leased with an option to purchase, or otherwise sold (including any contract for deed), without the prior written consent of the Payee, then the Payee may at his option declare the outstanding principal balance of the Note, plus accrued interest, to be immediately due and payable. The creation of a subordinate lien, any sale thereunder, any deed under threat or order of condemnation, any conveyance solely between makers, the passage of title by reason of the death of a maker or by operation of law shall not be construed as a sale or conveyance of the Property.

(2) TAX AND INSURANCE PAYMENTS: (check only one)

(a) Without Escrow: Maker shall furnish to Payee annually, before the taxes become delinquent, copies of tax receipts showing that all taxes on the Property have been paid. Maker shall furnish to Payee annually evidence of current paid-up insurance naming Payee as an insured.

(b) With Escrow: Maker shall, in addition to the principal and interest installments, deposit with the Payee a pro rata part of the estimated annual ad valorem taxes on the Property and a pro rata part of the estimated annual insurance premiums for the improvements on the Property. These tax and insurance deposits are only estimates and may be insufficient to pay total taxes and insurance premiums. Maker shall pay any deficiency within 30 days after notice from Payee. Maker's failure to pay the deficiency shall constitute a default under the Deed of Trust. In the event any superior lienholder on the Property is collecting escrow payments for taxes and insurance, this Paragraph shall be inoperative so long as payments are being made to the superior lienholder.

(3) CROSS-DEFAULT:

Any act or occurrence which would constitute default under the terms of any lien superior to the lien securing the Note shall constitute a default under the Deed of Trust securing the Note.

Buyer/Maker

Seller/Payee

Buyer/Maker

Seller/Payee

The form of this Addendum has been approved by the Commission for use with similarly approved or promulgated contract forms. Such approval relates to this form only. No representation is made as to the legal validity or adequacy of any provision in any specific transactions. It is not suitable for complex transactions.

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What an Unimproved Property Contract Is and when it’s used

An Unimproved Property Contract is a written agreement for the sale, lease, or transfer of vacant land without buildings or significant improvements. It identifies buyer(s) and seller(s), describes the parcel by legal description or tax parcel number, states the purchase price and payment terms, and sets closing, title, contingency, and recording provisions. These contracts are used for vacant lot purchases, land investments, agricultural parcels, and raw development sites where zoning, survey, or environmental contingencies commonly apply.

Why a clear contract matters for unimproved land

A precise Unimproved Property Contract reduces ambiguity about boundaries, access, utilities, and title obligations, which minimizes closing delays and post-closing disputes.

Why a clear contract matters for unimproved land

Typical parties and professionals involved

The Unimproved Property Contract is completed by buyers and sellers with support from real estate agents, title companies, and attorneys.

  • Buyers and Sellers — Primary parties who negotiate price, contingencies, and closing obligations.
  • Real Estate Agents — Prepare offers, coordinate inspections, and track financing and timelines.
  • Title Companies and Attorneys — Verify legal description, title chains, and recording requirements.

In many transactions the parties also involve surveyors, environmental consultants, and municipal authorities to confirm utilities, access, and permitted uses before closing.

Step-by-step: completing the Unimproved Property Contract

Follow a clear sequence to avoid errors: verify identity, confirm property details, record contingencies, obtain signatures, and complete notarization or recording steps.

  • 01
    Verify Parties: Confirm legal names and authority to sign for each party.
  • 02
    Confirm Property: Use exact legal description or tax parcel number from title report.
  • 03
    Set Contingencies: Include survey, soil, zoning, financing, and access contingencies as needed.
  • 04
    Sign and Notarize: Execute signatures in presence of required witnesses or notary.

Essential contract sections to include

A professional Unimproved Property Contract organizes obligations, contingencies, and remedies to protect both buyer and seller and to streamline closing.

Parties

Identify buyer(s) and seller(s) with full legal names, business entity types, and contact information; note authorized signatories for entities.

Legal Description

Include the exact metes-and-bounds or recorded plat description and assessor parcel number; attach exhibits or plats when relevant.

Consideration

Specify purchase price, deposit/earnest money amount, escrow instructions, financing contingencies, and payment schedule if installments apply.

Contingencies

List inspections, surveys, zoning or permitting approvals, environmental assessments, and financing deadlines with clear cure periods and termination rights.

Closing and Possession

Define closing date, delivery of deed, possession date, prorations for taxes or assessments, and which documents are required at closing.

Default and Remedies

Describe remedies for breach (liquidated damages, specific performance, or forfeiture of deposit), dispute resolution, and allocation of costs.

Data and security considerations for contract handling

Encryption: AES-256 at rest; TLS 1.2/1.3 in transit
Authentication: Multi-factor and advanced signer checks available
Audit Trail: Detailed timestamps, IP, and event history retained
Regulatory Compliance: ESIGN, UETA, ISO 27001, SOC 2 Type II
Health Data: HIPAA covered when BAA is in place
Long-term Integrity: Tamper-evident records and exportable PDFs

Digital signing: technical and integration checklist

Choose a platform that supports required file types, signer authentication, and integrations with title or escrow systems.

  • Integrations: Salesforce, Microsoft 365, NetSuite, Google Workspace supported
  • File Formats: PDF, DOCX, and export to PDF/A for archival
  • Authentication: Email, SMS OTP, KBA, and advanced signer checks

Confirm the vendor supports notarization workflows (in-person or RON) and provides tamper-evident audit trails and exportable records for title and escrow.

How to set up the contract for online completion

Configure fields and signer order before sending; include a dedicated notary block if notarization is required.

Field Configuration
Signature Field Required; assign to buyer/seller in order
Date Field Auto-fill on signature for consistency
Notary Block Enable if RON or in-person notarization needed
Authentication SMS OTP or ID verification for higher assurance

Typical e-sign and delivery flow for the contract

A standard electronic workflow reduces turnaround time: upload, place fields, send for signature, notarize if required, then record and distribute copies.

  • Upload Document: Add contract PDF or DOCX with exhibits attached
  • Place Fields: Insert signature, initial, date, and notary fields
  • Send to Signers: Route in order or allow parallel signing per agreement
  • Notarize / Record: Complete notarization and submit to county recorder

Common deadlines and timeline items to include

Define clear deadlines to avoid disputes: due diligence, financing, closing, and recording timelines should be explicit and measured from the effective date.

Offer Expiration:

State specific deadline for seller acceptance, e.g., 48–72 hours

Due Diligence Period:

Typically 10–30 days for surveys, inspections, and zoning checks

Financing Contingency:

Set a firm date to remove financing contingency

Closing Date:

Mutually agreed date when deed is conveyed and funds exchanged

Recording Deadline:

Record deed promptly; allow county processing time

Authentication and notarization steps for execution and recording

Execution often requires a sequence of authentication, witnessing, notarization, and retention steps to meet recording and title company requirements.

01

Prepare Final Document

Confirm final edits and attach plat or exhibits

02

Identity Verification

Signers present ID or complete online credential check

03

In-Person Signing

Sign before notary and required witnesses

04

Remote Notarization

Complete RON session if state law permits

05

Notary Acknowledgment

Notary completes certificate and journal entry

06

Audio-Video Record

Retain recording when RON is used, per state rules

07

Record at County

Submit deed to county recorder for indexing

08

Distribute Copies

Provide recorded copy to buyer, seller, and title company

Common preparation pitfalls to avoid

  • Using an informal or incomplete legal description instead of the recorded metes-and-bounds or plat.
  • Failing to confirm signatory authority for entities, which can void the conveyance.
  • Omitting utility or access easement disclosures that affect property use and value.
  • Missing notarization or incorrect witness counts required by the recording jurisdiction.

Consequences of incorrect or incomplete contracts

Unenforceable Conveyance: Recorded instrument defects can invalidate title transfer
Recording Delays: Delays can create priority problems and lien exposure
Tax Exposure: Incorrect reporting may trigger IRS adjustments
Deposit Forfeiture: Improper contingency language can lead to forfeiture disputes
Title Defects: Unresolved liens or encumbrances impede closing
Notarization Noncompliance: Missing or invalid notary acknowledgment can block recording

Real-world examples of handling unimproved land contracts

These condensed examples show how teams use clear contracts and digital processes to speed execution and reduce errors.

Martin Properties

Martin Properties processed vacant-lot closings entirely online to meet investor timelines.

  • They used standardized legal descriptions and lender-ready exhibits to avoid title exceptions.
  • By aligning contract language, signature workflow, and title review they reduced turnaround time and avoided re-execution for missing exhibits.

Optica Ventures LLC

Optica Ventures used a templated unimproved property contract for multiple land flips.

  • The template included survey and zoning contingencies to protect buyers.
  • Consistent templates decreased negotiation cycles and made escrow deposits and recordings more predictable for investors.

Practical tips for accurate, efficient completion

Apply consistent processes and checklists to reduce revision cycles and recording errors when working with unimproved land contracts.

Use recorded legal descriptions
Always copy the legal description from the title commitment or recorded plat; confirm lot dimensions and attach the referenced exhibit to the contract to avoid ambiguity.
Confirm signatory authority
Obtain corporate resolutions or proof of authority for entity signers and include signatory titles to prevent later challenges to the conveyance.
Define contingency deadlines
Specify clear durations and removal procedures for contingencies (survey, zoning, financing) and include what happens if a contingency is not timely removed.
Coordinate title and recording
Work with the title company early to identify exceptions, get required endorsements, and confirm the county recorder’s formatting requirements for documents.

eSignature vendor comparison for completing and executing land contracts

Compare common plan features that affect high-volume contract workflows; signNow is listed first for direct comparison of pricing and envelope policy.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes (premium) Varies by plan Varies by plan Varies by plan Varies by plan
Audit Trail Yes Yes Yes Yes Yes
Envelope Cap No cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Frequently asked questions about Unimproved Property Contracts

Answers to common questions about legality, notarization, correcting errors, and state-specific concerns for vacant land contracts.


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