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.
A Missouri 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. This contract outlines the terms and conditions of a sale where the owner of a residential property acts as the lender and provides financing to the buyer. The contract contains provisions for the promissory note, which is the legal agreement between the buyer and seller regarding the loan, and the purchase money mortgage, which serves as security for the loan. There are different variations of the Missouri Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage, including: 1. General Contract for Sale: This is the standard contract used for owner-financed residential property sales in Missouri. It includes the necessary provisions for a promissory note and purchase money mortgage. The terms and conditions of the sale, such as the purchase price, down payment, interest rate, and repayment period, are specified in this contract. 2. Contract with Specified Financing Terms: This type of contract is used when the buyer and seller have already negotiated specific financing terms, such as a fixed interest rate or adjustable rate mortgage. The contract will include these negotiated terms, along with the provisions for the promissory note and purchase money mortgage. 3. Contract with Balloon Payment: In some cases, the buyer and seller may agree on a contract with a balloon payment. This means that a large portion of the loan amount is due at the end of a specified period, while regular payments are made towards the interest and principal during the loan term. This type of contract will include provisions for the balloon payment, along with the promissory note and purchase money mortgage. 4. Contract with Additional Special Provisions: Depending on the specific circumstances of the sale, the contract may include additional special provisions. These provisions could cover topics such as property inspections, repairs, contingencies, or any other agreements made between the buyer and seller. While the promissory note and purchase money mortgage provisions will still be present, these additional provisions provide further clarity on other aspects of the sale. In summary, a Missouri Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal agreement used in real estate transactions where the owner acts as the lender. Different variations of this contract exist to accommodate specific financing terms or additional provisions agreed upon by the buyer and seller.A Missouri 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. This contract outlines the terms and conditions of a sale where the owner of a residential property acts as the lender and provides financing to the buyer. The contract contains provisions for the promissory note, which is the legal agreement between the buyer and seller regarding the loan, and the purchase money mortgage, which serves as security for the loan. There are different variations of the Missouri Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage, including: 1. General Contract for Sale: This is the standard contract used for owner-financed residential property sales in Missouri. It includes the necessary provisions for a promissory note and purchase money mortgage. The terms and conditions of the sale, such as the purchase price, down payment, interest rate, and repayment period, are specified in this contract. 2. Contract with Specified Financing Terms: This type of contract is used when the buyer and seller have already negotiated specific financing terms, such as a fixed interest rate or adjustable rate mortgage. The contract will include these negotiated terms, along with the provisions for the promissory note and purchase money mortgage. 3. Contract with Balloon Payment: In some cases, the buyer and seller may agree on a contract with a balloon payment. This means that a large portion of the loan amount is due at the end of a specified period, while regular payments are made towards the interest and principal during the loan term. This type of contract will include provisions for the balloon payment, along with the promissory note and purchase money mortgage. 4. Contract with Additional Special Provisions: Depending on the specific circumstances of the sale, the contract may include additional special provisions. These provisions could cover topics such as property inspections, repairs, contingencies, or any other agreements made between the buyer and seller. While the promissory note and purchase money mortgage provisions will still be present, these additional provisions provide further clarity on other aspects of the sale. In summary, a Missouri Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal agreement used in real estate transactions where the owner acts as the lender. Different variations of this contract exist to accommodate specific financing terms or additional provisions agreed upon by the buyer and seller.
