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 New Hampshire Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal document that outlines the terms and conditions for the sale of a residential property where the owner acts as the lender and provides financing for the buyer. This type of contract is commonly used in situations where the buyer is unable to secure traditional financing from a bank or mortgage lender. The contract includes various provisions that are unique to owner financing arrangements, such as the creation of a promissory note and a purchase money mortgage. These provisions ensure that the buyer agrees to repay the seller in installments over a specified period of time, with the property serving as collateral. Some key elements that are covered in the New Hampshire Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage include: 1. Buyer and Seller Information: The contract begins by identifying the parties involved, including their names, addresses, and contact details. 2. Property Description: A detailed description of the residential property being sold, including the address and legal description. 3. Purchase Price and Financing Terms: This section outlines the agreed-upon purchase price and the financing terms, such as the down payment amount, interest rate, and repayment schedule. 4. Promissory Note: The contract includes provisions for the creation of a promissory note, which is a legally binding agreement stating the terms of the loan, including the loan amount, interest rate, and repayment terms. 5. Purchase Money Mortgage: The contract also includes provisions for the creation of a purchase money mortgage, which gives the seller a security interest in the property. This mortgage serves as collateral and ensures that the buyer repays the loan amount as agreed. 6. Closing and Title Transfer: The contract specifies the closing date and outlines the process for transferring the title from the seller to the buyer. 7. Default and Remedies: This section details the consequences of default by either party and the available remedies, such as foreclosure or specific performance. 8. Miscellaneous Provisions: This section covers any additional terms or conditions that both parties agree upon, such as property inspections, repairs, or disclosures. While there may not be specific types of New Hampshire Contracts for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage, variations of the contract may exist based on the specific terms negotiated between the buyer and seller. However, the core elements mentioned above are typically included in any owner financing agreement in New Hampshire.
