This contract made and entered into by and between John Doe and Mary Doe, his wife, hereinafter referred to as vendors and Richard Roe hereinafter referred to as purchaser, Witnesseth:

The vendors agree to sell and the purchaser agrees to purchase for the price of....................Dollars upon the terms and conditions hereinafter set out, the following described real estate, to-wit: (here describe the property by legal description if possible, although the street number together with the city and state will be sufficient).

Said purchase price shall be payable as follows: The sum of ................ Dollars in cash, receipt of which is hereby acknowledged and the farther sum of................Dollars (hereinafter insert the amount to be paid upon the execution of land contract) to be paid upon the due execution and delivery of the land contract for the sale of the above described premises, at which time the purchaser shall be given possession of said real estate; the balance of said purchase price shall be payable at the rate of................ Dollars per month including interest at the rate of 6% per annum, payable monthly.

Purchaser shall receive an abstract prepared by (here insert the name of the firm who will prepare the abstract) brought down to date showing a merchantable title, which abstract of title shall be delivered to the purchaser within........days from date, and if the seller shall fail, neglect, or refuse to deliver such abstract on or before such date, the time for closing this transaction by the execution of said land contract, shall be postponed the period of such default. If such abstract of title, when presented, shall prove defective, the seller shall have a reasonable length of time to correct such defects, if any there be, considering the nature and character thereof. (If property is sold by an individual having a mortgage thereon, this fact should be specified.) [If vendors do not hold legal title, but themselves are buying on a land contract, this fact should be specified.]

Purchaser shall pay all taxes and special assessments which may accrue from and after the execution of said land contract, and said contract shall contain clauses providing that the purchaser shall keep such property insured in a responsible fire insurance company to be selected by sellers, in an amount to be approved by the sellers. Such insurance shall be kept up and in force until the purchase money is fully paid. Also that purchaser shall keep the buildings and other improvements on said premises in a good state of repair, and shall pay promptly all taxes and assessments that may, from time to time, accrue on said premises, and shall upon the execution of said land contract, enter said property for taxation in their own names.

Further, that in the event the purchaser shall fail, neglect, or refuse to meet the payments herein provided for, and carry out the terms and conditions of said contract, then the seller shall, upon such failure, have the right to declare such contract void, and to retain whatever may have been paid hereon in the premises, together with the improvements thereon, as stipulated damages, and may consider and treat the purchaser as their tenants holding over without permission, and may, without notice, written or otherwise, take possession of the premises, and remove the purchaser.

All rentals shall be adjusted at time of execution of land contract.

In witness whereof, the parties have hereunto set their hands the day and year above written.

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Both buyer and seller should sign this form of preliminary agreement.