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Preview - Owner Financing Contract Form
Owner Financing Contract Template
This Owner Financing Contract ("Contract") is made and entered into on this ____ day of __________, 20__, by and between:
Seller: _____________________________________
Address: __________________________________________
City, State, Zip: ___________________________________
and
Buyer: ______________________________________
Address: __________________________________________
City, State, Zip: ___________________________________
This Contract is governed by the laws of the State of ___________.
1. Property Description
The Seller hereby agrees to finance the sale of the property located at:
__________________________________________________
__________________________________________________
2. Purchase Price
The total purchase price of the property is $_____________.
3. Down Payment
The Buyer shall pay a down payment of $_____________.
4. Financing Terms
- Loan Amount: $_____________ (balance remaining after down payment)
- Interest Rate: ____________% per annum
- Loan Term: ____________ years
- Monthly Payment: $____________ (to be paid on the ___ day of each month)
5. Payment Schedule
The Buyer agrees to make monthly payments beginning on the ___ day of ____________, 20__. Payments will be due on the same day of each month thereafter until the balance is paid in full.
6. Prepayment
The Buyer may prepay the remaining balance of the loan at any time without penalty.
7. Default
If the Buyer fails to make any payment within ___ days of the due date, the Seller may declare the entire balance due and payable.
8. Title Transfer
Title to the property will remain in the name of the Seller until the Seller has received the full purchase price as outlined in this Contract.
9. Additional Terms
__________________________________________________
__________________________________________________
IN WITNESS WHEREOF, the parties hereto have executed this Owner Financing Contract as of the date first above written.
Seller:__________________________ Date: ____________
Buyer:__________________________ Date: ____________
Popular Owner Financing Contract Templates:
Purchase Agreement Addendum - Useful for extending the closing date if needed.
In navigating the complexities of property transactions, the New York Real Estate Purchase Agreement plays a pivotal role, outlining essential terms and conditions. To further assist you in understanding this important legal document, resources such as NY Templates can provide valuable templates and guides that clarify the rights and obligations of both buyers and sellers, thereby ensuring a smoother transaction process.
Realtor Termination Letter - Both parties may need to resolve any outstanding issues prior to termination.
Similar forms
- Lease Purchase Agreement: This document allows a tenant to rent a property with the option to buy it later. Like owner financing, it provides a way for buyers to secure a home without immediate full payment.
- Real Estate Purchase Agreement: This is a standard contract for buying property. It outlines the terms of the sale, similar to how owner financing details the payment structure between the buyer and seller.
- Promissory Note: A promissory note is a written promise to pay a specified amount. In owner financing, it serves as a record of the buyer's obligation to repay the seller.
California Real Estate Purchase Agreement: This agreement is essential for anyone involved in real estate transactions in the state, ensuring clarity and protection for both buyers and sellers. For more information, visit https://californiapdf.com.
- Deed of Trust: This document secures the loan by placing the property in trust until the buyer repays the loan. It functions similarly to owner financing by ensuring the seller's interest in the property is protected.
- Installment Sale Agreement: This agreement allows buyers to make payments over time, similar to owner financing. It specifies the terms and conditions for the payment schedule.
- Contract for Deed: This is an agreement where the seller retains legal title until the buyer pays in full. It resembles owner financing in that the buyer gets possession while making payments.
- Seller Financing Agreement: This document outlines the terms under which the seller finances the buyer’s purchase. It is directly related to owner financing, as both involve the seller providing the loan.
- Mortgage Agreement: A mortgage is a loan secured by the property itself. While different from owner financing, both involve borrowing money to purchase real estate.
- Equity Sharing Agreement: This arrangement allows two parties to share the equity of a property. It is similar in that it involves shared financial interests in a property.
- Subordination Agreement: This document outlines the priority of claims against a property. It relates to owner financing by detailing how different loans are prioritized in case of default.