The Owner Finance Purchase Agreement serves as an alternative financing solution when traditional mortgage financing is not available or desired. This document, commonly used in the United States real estate market, establishes the legal framework for seller-financed property transactions. It includes essential elements such as property details, purchase price, payment terms, interest rates, security arrangements, and default remedies. The agreement must comply with both federal and state-specific regulations, including consumer protection laws, usury restrictions, and real estate requirements. This type of agreement is particularly useful for buyers who may not qualify for conventional mortgages or sellers seeking regular income through property financing.
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1. Parties: Identification of seller (financier) and buyer with full legal names and addresses
2. Background: Context of the transaction and property details
3. Definitions: Key terms used throughout the agreement
4. Purchase Price and Payment Terms: Total amount, down payment, interest rate, and payment schedule
5. Security Interest: Details of the lien on the property
6. Insurance Requirements: Required property and other insurance coverage
7. Property Tax Obligations: Allocation of property tax responsibilities
8. Default Provisions: Consequences and remedies for payment default
9. Representations and Warranties: Statements of fact and guarantees by both parties
10. Governing Law: Jurisdiction and applicable laws governing the agreement
1. Balloon Payment: Terms for final lump sum payment, if applicable
2. Prepayment Provisions: Terms for early payoff of the loan
3. Property Management: Requirements for property maintenance and improvements
4. Due-on-Sale Clause: Provisions requiring full payment if property is sold
5. Escrow Account: Terms for handling escrow accounts for taxes and insurance
1. Schedule A - Property Description: Detailed legal description of the property
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payments, interest, and principal
3. Schedule C - Property Inspection Report: Current condition of property if relevant to financing terms
4. Schedule D - Title Documentation: Evidence of clear title and any existing liens
5. Schedule E - Required Disclosures: Federal and state-mandated lending disclosures
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