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Montana Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract

State:
Montana
Control #:
MT-00470-3
Format:
Word; 
Rich Text
Instant download

Description

This Seller's Disclosure Notice of Financing Terms Contract for Deed serves as notice to Purchaser of the purchase price of property and how payments, interest, and late charges are set. This document should be completed by Seller of property and provided to the Purchaser at or before the signing of the contract for deed.

How to fill out Montana Seller's Disclosure Of Financing Terms For Residential Property In Connection With Contract Or Agreement For Deed A/k/a Land Contract?

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FAQ

The purpose of a disclosure statement is to provide explanatory information regarding the significant features of the insurance policy to enable the insured to make an informed decision regarding purchasing the insurance policy.

A seller's disclosure form, often called a property disclosure statement, is a form you fill out that details all the potential problems with your home. Sellers are legally required to produce these statements in most parts of the country. The idea is to protect buyers from purchasing a home with undisclosed problems.

It includes the name of the organization, the party of the loans, approval, date, and place at which the document was signed, key terms such as tenure of the loan, interest charged, annual percentage rate, total processing fees, loan statement, prepayment terms, and various other information including the terms

Disclosure is defined as the act of revealing or something that is revealed. An example of disclosure is the announcement of a family secret. An example of a disclosure is the family secret which is told. (law) The making known of a previously hidden fact or series of facts to another party; the act of disclosing.

Property disclosure statements essentially outline any flaws that the home sellers (and their real estate agents) are aware of that could negatively affect the home's value. These statements are required by law in most areas of the country so buyers can know a property's good and bad points before they close the deal.

A contract for deed, also called a land contract or contract for sale, is a financing option for buyers who do not qualify for a mortgage loan to purchase property. In a contract for deed, the seller finances the purchase of the property, much like a mortgage company in a more traditional mortgage situation.

Who Must Make These Seller Disclosures in California. As a broad rule, all sellers of residential real estate property containing one to four units in California must complete and provide written disclosures to the buyer.

If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.

A disclosure statement is a financial document given to a participant in a transaction explaining key information in plain language. Disclosure statements for retirement plans must clearly spell out who contributes to the plan, contribution limits, penalties, and tax status.

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Montana Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract