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 Nebraska Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legally binding document that outlines the terms and conditions surrounding the sale of a residential property where the owner provides financing to the buyer. This type of agreement is commonly used when the buyer does not qualify for traditional financing or when the seller wants to offer attractive financing terms to attract more buyers. Keywords: Nebraska, Contract, Sale, Residential Property, Owner Financed, Provisions, Note, Purchase Money Mortgage The Nebraska Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage usually includes the following provisions: 1. Identification of Parties: The contract will clearly identify the seller (property owner) and the buyer (purchaser) involved in the transaction. 2. Property Description: The contract will include a detailed description of the residential property being sold, including the address, legal description, and any other relevant information. 3. Purchase Price: The contract will specify the purchase price for the property, which may be negotiated between the parties. The purchase price will typically be paid in monthly installments rather than a lump sum. 4. Financing Details: This type of contract will outline the financing terms offered by the seller. It will specify the interest rate, repayment period, and any other special conditions related to the financing arrangement. 5. Promissory Note: The contract will include a promissory note, which is a legal document that outlines the borrower's promise to repay the loan. It will specify the repayment schedule, interest rate, late payment penalties, and other relevant terms. 6. Purchase Money Mortgage: This contract will require the buyer to provide a purchase money mortgage as security for the loan. This mortgage will grant the seller a lien on the property until the loan is fully repaid. 7. Default and Remedies: The contract will define the consequences of defaulting on the loan. It may include provisions for late payment penalties, foreclosure procedures, and any other remedies available to the seller in case of default. 8. Closing and Delivery of Documents: The contract will specify the closing process, including how and when the necessary documents will be delivered and executed. Types of Nebraska Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage can include variations based on specific clauses or additions that suit the parties' requirements. For example, there may be contracts with provisions for balloon payments, adjustable interest rates, or even agreements that allow the seller to retain partial ownership of the property until the loan is fully repaid. It's important for both parties to carefully review and negotiate the terms of the contract to ensure mutual understanding and agreement.
