This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The Arizona Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal document used in real estate transactions in the state of Arizona. This contract outlines the terms and conditions of the sale of a residential property when the buyer and seller agree to an owner financing agreement. It allows the buyer to make payments directly to the seller over a specified period of time, rather than obtaining traditional financing from a bank or lender. Key provisions included in this contract are: 1. Purchase Price: The contract specifies the agreed-upon purchase price of the residential property. 2. Financing Terms: It outlines the terms of the owner financing, including the interest rate, payment schedule, and duration of the financing agreement. 3. Down Payment: The contract states the amount of the down payment required from the buyer at the time of signing the contract. 4. Security Instrument: This provision incorporates a note and purchase money mortgage, where the residential property serves as collateral for the financing provided by the seller. 5. Default and Remedies: It includes provisions regarding the consequences of default by either the buyer or the seller, and the available remedies for breach of the contract. 6. Closing and Title: The contract specifies the closing date and how the title will be transferred to the buyer upon completion of the financing agreement. 7. Property Condition: This provision addresses the condition of the property, inspections, and any repairs or maintenance responsibilities before the transfer of title. There are different types of the Arizona Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage. These variations may exist based on specific updates, revisions, or modifications made by legal professionals to better suit the needs of the parties involved in the transaction. These modifications may include additional clauses or provisions to address unique situations or concerns arising from the transaction, such as special contingencies, seller concessions, or provisions for early payoff or refinancing options. It is important for both buyers and sellers to carefully review and understand the specific terms of the contract before signing.The Arizona Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal document used in real estate transactions in the state of Arizona. This contract outlines the terms and conditions of the sale of a residential property when the buyer and seller agree to an owner financing agreement. It allows the buyer to make payments directly to the seller over a specified period of time, rather than obtaining traditional financing from a bank or lender. Key provisions included in this contract are: 1. Purchase Price: The contract specifies the agreed-upon purchase price of the residential property. 2. Financing Terms: It outlines the terms of the owner financing, including the interest rate, payment schedule, and duration of the financing agreement. 3. Down Payment: The contract states the amount of the down payment required from the buyer at the time of signing the contract. 4. Security Instrument: This provision incorporates a note and purchase money mortgage, where the residential property serves as collateral for the financing provided by the seller. 5. Default and Remedies: It includes provisions regarding the consequences of default by either the buyer or the seller, and the available remedies for breach of the contract. 6. Closing and Title: The contract specifies the closing date and how the title will be transferred to the buyer upon completion of the financing agreement. 7. Property Condition: This provision addresses the condition of the property, inspections, and any repairs or maintenance responsibilities before the transfer of title. There are different types of the Arizona Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage. These variations may exist based on specific updates, revisions, or modifications made by legal professionals to better suit the needs of the parties involved in the transaction. These modifications may include additional clauses or provisions to address unique situations or concerns arising from the transaction, such as special contingencies, seller concessions, or provisions for early payoff or refinancing options. It is important for both buyers and sellers to carefully review and understand the specific terms of the contract before signing.
