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.
Indiana Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal agreement that outlines the terms and conditions under which a property is sold between the owner (seller) and the buyer. This contract is specifically designed for transactions where the buyer is obtaining financing from the seller, rather than a traditional lender or bank. Key provisions included in the Indiana Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage cover various important aspects of the sale, such as: Purchase Price: The contract will state the agreed-upon purchase price of the residential property, which will be financed through the owner. This includes the down payment and the remaining balance. Owner Financing Terms: The contract provides detailed information about the owner financing terms, including the interest rate, repayment schedule, and any penalties for late payments or default. Promissory Note: The contract will include a promissory note, which is a legal document that contains the repayment terms, including the loan amount, interest rate, repayment schedule, and any other conditions related to the loan. Purchase Money Mortgage: This provision establishes a purchase money mortgage, which secures the property as collateral against the loan. It outlines the mortgage terms, including the interest rate, duration, and any penalties for default. Property Description: The contract includes a detailed description of the residential property being sold, including the address, legal description, and any known encumbrances or liens. Conditions of the Sale: The contract may specify any conditions that must be met before the sale can be finalized, such as a satisfactory home inspection or obtaining mortgage insurance. Closing Details: The contract will outline the closing process, including who will handle the closing, the distribution of funds, and the transfer of ownership. Default and Remedies: This section defines what constitutes a default, the remedies available to both parties in case of default, and any applicable penalties or fees. While the Indiana Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage generally follows a standard structure, there may be variations or additional provisions depending on the specific agreement between the buyer and seller. It is essential for both parties to thoroughly review and understand the terms before signing the contract. Other types or variations of Indiana Contracts for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage may include specific clauses related to property condition disclosures, liens and encumbrances, provisions for early loan payoff, or seller financing restrictions. It is advisable to consult with a real estate attorney or legal professional to ensure all necessary provisions are included and compliant with Indiana laws.Indiana Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal agreement that outlines the terms and conditions under which a property is sold between the owner (seller) and the buyer. This contract is specifically designed for transactions where the buyer is obtaining financing from the seller, rather than a traditional lender or bank. Key provisions included in the Indiana Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage cover various important aspects of the sale, such as: Purchase Price: The contract will state the agreed-upon purchase price of the residential property, which will be financed through the owner. This includes the down payment and the remaining balance. Owner Financing Terms: The contract provides detailed information about the owner financing terms, including the interest rate, repayment schedule, and any penalties for late payments or default. Promissory Note: The contract will include a promissory note, which is a legal document that contains the repayment terms, including the loan amount, interest rate, repayment schedule, and any other conditions related to the loan. Purchase Money Mortgage: This provision establishes a purchase money mortgage, which secures the property as collateral against the loan. It outlines the mortgage terms, including the interest rate, duration, and any penalties for default. Property Description: The contract includes a detailed description of the residential property being sold, including the address, legal description, and any known encumbrances or liens. Conditions of the Sale: The contract may specify any conditions that must be met before the sale can be finalized, such as a satisfactory home inspection or obtaining mortgage insurance. Closing Details: The contract will outline the closing process, including who will handle the closing, the distribution of funds, and the transfer of ownership. Default and Remedies: This section defines what constitutes a default, the remedies available to both parties in case of default, and any applicable penalties or fees. While the Indiana Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage generally follows a standard structure, there may be variations or additional provisions depending on the specific agreement between the buyer and seller. It is essential for both parties to thoroughly review and understand the terms before signing the contract. Other types or variations of Indiana Contracts for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage may include specific clauses related to property condition disclosures, liens and encumbrances, provisions for early loan payoff, or seller financing restrictions. It is advisable to consult with a real estate attorney or legal professional to ensure all necessary provisions are included and compliant with Indiana laws.
