§ 36-9-107 — Terms of payment

(a) The terms of payment for school and state lands shall
be as follows: not less than twenty-five percent (25%) of the
purchase price in cash on day of sale, the balance is not to
exceed thirty (30) equal annual payments figured on the
amortization plan, which shall include interest on the deferred
part of the payments at a rate of interest established by the
board in accordance with current interests rates. The interest
rate on all amounts not paid when due shall be established by
the board in accordance with current lending practices. The
purchaser may pay in full at the time of the sale or payment of
any installment may be made at any time if accrued interest is
paid to the time of payment.
(b) When school or state lands are sold under an
installment contract the state shall insert a provision that the
vendee shall pay the taxes upon the fair value of the lands sold
from the date of the contract. The provision is binding upon the
vendee. The installment contract shall be recorded in the county
wherein the lands are situated by the vendee within thirty (30)
days following its execution.