The Seller Financing Purchase Agreement is utilized when traditional financing options are either unavailable or undesirable, and the property seller is willing to act as the lender. This arrangement is common in both residential and commercial real estate transactions across the United States, particularly in situations involving quick sales, properties that may not qualify for conventional financing, or when sellers seek to generate ongoing income through interest payments. The document must comply with federal regulations including the Truth in Lending Act, state-specific usury laws, and real estate regulations. It combines elements of a standard purchase agreement with detailed financing terms, security arrangements, and borrower obligations. The agreement typically includes provisions for down payment, interest rates, payment schedules, default remedies, and property maintenance requirements, while establishing the seller's security interest through appropriate instruments such as mortgages or deeds of trust.
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1. Parties: Identifies and provides full legal names and addresses of the Seller/Lender and Buyer/Borrower
2. Background: Explains the context of the transaction, including the Seller's ownership of the property and desire to sell with financing
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Property Description: Detailed legal description of the property being sold, including address and legal identifiers
5. Purchase Price and Financing Terms: Specifies the total purchase price, down payment, financed amount, interest rate, payment schedule, and loan term
6. Security Interest: Details the security interest in the property, including mortgage or deed of trust arrangements
7. Payment Terms: Specifies payment amounts, due dates, payment methods, and late payment provisions
8. Default and Remedies: Defines events of default and outlines available remedies for both parties
9. Insurance and Maintenance: Requirements for property insurance and maintenance obligations
10. Property Taxes and Assessments: Allocation of responsibility for property taxes and other assessments
11. Transfer of Title: Process and requirements for transferring property title
12. Representations and Warranties: Standard representations and warranties from both parties
13. Covenants: Ongoing obligations of both parties during the term of the financing
14. Notices: How and where formal notices must be delivered
15. Governing Law: Specifies applicable state law and jurisdiction
16. General Provisions: Standard boilerplate provisions including severability, entire agreement, and amendments
1. Prepayment Provisions: Include when early payment is allowed, specifying any penalties or incentives
2. Due on Sale Clause: Include when the seller wants to prevent the buyer from transferring the property without paying off the loan
3. Balloon Payment: Include when the payment structure includes a large final payment
4. Property Management: Include when there are specific requirements for property management, especially for commercial properties
5. Environmental Provisions: Include for commercial properties or when environmental concerns exist
6. Personal Guaranty: Include when additional security is required, especially for corporate buyers
7. Right of First Refusal: Include when the seller wants the right to match any future purchase offers
8. Cross-Collateralization: Include when multiple properties or assets are securing the loan
9. Acceleration Clause: Include when specific events can trigger immediate full repayment requirement
1. Schedule A - Property Description: Detailed legal description of the property and included fixtures/equipment
2. Schedule B - Payment Schedule: Amortization schedule showing all payments, principal, and interest allocations
3. Schedule C - Permitted Encumbrances: List of approved liens, easements, or other encumbrances on the property
4. Schedule D - Initial Property Condition Report: Documentation of property condition at time of sale
5. Appendix 1 - Truth in Lending Disclosures: Required federal lending disclosures
6. Appendix 2 - Property Insurance Requirements: Detailed insurance requirements and minimum coverage amounts
7. Appendix 3 - Form of Promissory Note: Template or actual promissory note documenting the debt
8. Appendix 4 - Form of Security Instrument: Template or actual mortgage or deed of trust document
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