The Owner Finance Contract is utilized in Denmark when traditional mortgage financing is not preferred or available, allowing property sellers to finance the buyer's purchase directly. This arrangement is particularly relevant in situations where buyers may not qualify for conventional bank financing, or where sellers wish to generate ongoing income from the property sale. The document combines elements of a property sale agreement with a financing agreement, structured in accordance with Danish property law, financial regulations, and consumer protection requirements. It must address specific Danish legal requirements for property transfers, security interests, and registration procedures while establishing clear terms for the financing arrangement, including payment schedules, interest calculations, and default provisions. The agreement serves both residential and commercial property transactions, requiring careful consideration of both parties' interests and compliance with Danish legal framework.
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Key Requirements PROMPT example:
Owner Finance Contract
I need an Owner Finance Contract for the sale of a commercial warehouse in Copenhagen, with a 30% down payment and the remaining amount financed over 15 years, including quarterly property inspection requirements and special provisions for early repayment without penalties.
1. Parties: Identification of the seller (owner-financier) and buyer, including full legal names, addresses, and registration numbers if applicable
2. Background: Context of the transaction, including property sale and financing arrangement
3. Definitions: Key terms used throughout the agreement, including Property, Purchase Price, Loan Amount, etc.
4. Property Description: Detailed description of the property being sold, including legal address and cadastral number
5. Purchase Price and Financing Terms: Total purchase price, down payment, financed amount, and basic financing terms
6. Payment Schedule: Details of regular payments, including principal and interest calculations
7. Interest Rate and Adjustments: Specification of interest rate, calculation method, and any adjustment provisions
8. Security Interest: Details of mortgage and security arrangements in favor of the seller
9. Property Transfer and Registration: Process and requirements for property transfer and registration with Danish authorities
10. Insurance and Maintenance: Requirements for property insurance and maintenance obligations
11. Default and Remedies: Consequences of default and available remedies for both parties
12. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction
1. Early Repayment: Terms for early repayment of the loan, including any penalties or fees - include if early repayment is permitted
2. Property Inspection: Terms regarding property inspection rights - include if ongoing inspections are required
3. Third-Party Rights: Provisions regarding existing tenants or other third-party rights - include if applicable
4. Property Management: Terms for property management during the financing period - include for commercial properties
5. Tax Provisions: Special tax arrangements or considerations - include if specific tax structure is agreed
6. Assignment Rights: Terms for assigning the contract - include if assignment is to be permitted
7. Co-signer Provisions: Terms relating to any co-signers or guarantors - include if there are additional guarantors
1. Property Details: Detailed property description, including plans, photographs, and condition report
2. Amortization Schedule: Detailed payment schedule showing principal and interest breakdown for each payment
3. Property Documentation: Copies of property registration documents, land survey, and relevant permits
4. Insurance Requirements: Detailed insurance requirements and minimum coverage specifications
5. Property Inspection Report: Recent property inspection report and condition assessment
6. Existing Encumbrances: List of any existing mortgages, easements, or other encumbrances
7. Tax Certificates: Current property tax certificates and assessments
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Financial Services
Property Development
Construction
Legal Services
Property Investment
Residential Housing
Commercial Property
Relevant Teams
Legal
Real Estate
Finance
Compliance
Risk Management
Property Management
Investment
Operations
Relevant Roles
Real Estate Lawyer
Property Manager
Financial Advisor
Real Estate Agent
Property Developer
Legal Counsel
Contract Manager
Finance Director
Property Investment Manager
Mortgage Specialist
Risk Manager
Compliance Officer
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