A Seller Financing Contract becomes necessary when traditional bank financing is either unavailable or undesirable for property purchases in the United States. This contract type is particularly useful for buyers who may not qualify for conventional mortgages or sellers seeking steady income through interest payments. The agreement combines elements of both a purchase agreement and a mortgage document, detailing not only the property transfer but also the specific financing terms. When drafting a Seller Financing Contract, careful attention must be paid to federal regulations like the Truth in Lending Act, state-specific usury laws, and local real estate requirements. The document typically includes comprehensive terms about property transfer, payment obligations, security interests, and default remedies, while ensuring compliance with both federal and state lending regulations.
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1. Parties: Identification of seller/lender and buyer/borrower with full legal names and addresses
2. Background: Context of the sale and financing arrangement, including property details and purpose of agreement
3. Definitions: Key terms used throughout the contract including Property, Purchase Price, Loan Amount, Interest Rate
4. Purchase Price and Financing Terms: Total purchase price, down payment amount, loan amount, interest rate, and term of financing
5. Payment Schedule: Monthly payment amounts, due dates, term length, and late payment provisions
6. Security Interest: Property description and lien details, including security instrument specifications
7. Default Provisions: Consequences of missed payments, breach of contract, and remedies including foreclosure rights
8. Governing Law: Applicable jurisdiction, legal framework, and dispute resolution procedures
1. Prepayment Terms: Optional provisions for early payment or loan payoff, including any prepayment penalties
2. Insurance Requirements: Specifications for property insurance, liability coverage, and other insurance obligations
3. Transfer Restrictions: Limitations on property transfer or sale during the financing term, including due-on-sale provisions
4. Maintenance Requirements: Property maintenance standards and upkeep obligations of the buyer
1. Schedule A - Property Description: Detailed legal description of the property including address, boundaries, and parcel numbers
2. Schedule B - Payment Schedule: Comprehensive amortization table showing payment breakdown over the loan term
3. Schedule C - Required Disclosures: State and federal mandatory lending disclosures including Truth in Lending statements
4. Schedule D - Property Inspection Report: Documentation of current property condition and any material defects
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