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.
Oklahoma Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract
Category:
State:
Oklahoma
Control #:
OK-00470-3
Format:
Word;
Rich Text
Instant download
Description
How to fill out Oklahoma 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 main advantage of a land contract is that it's fairly easy to qualify for. As long as the seller is willing to go that route, there's little need for extensive credit checks. If the buyer defaults, the seller simply retains the property without the need of going through foreclosure.
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.
We called our buyer's agent and she went to the seller's agent. Apparently, they gave us the wrong disclosure statement.And, if a seller lies, the buyer is entitled to go after the seller for damages sustained because of an omission in the disclosure statement given to the buyer.
A seller is supposed to be truthful when answering the disclosure statement for the buyer.And, if a seller lies, the buyer is entitled to go after the seller for damages sustained because of an omission in the disclosure statement given to the buyer.
Presence of mold. Presence of lead paint. Structure, foundation and roof issues. Water damage. Previous renovations and additions.
One such alternative is the contract for deed. In a contract for deed, the purchase of property is financed by the seller rather than a third-party lender such as a commercial bank or credit union.
If the sellers concealed a known defect, you can sue for fraudulent misrepresentation. You will have to prove that they actually concealed the defect, as opposed to having perhaps been unaware of it.
Other benefits include: no loan qualifying, low or flexible down payment, favorable interest rates and flexible terms, and a quicker settlement. The biggest risk when buying a home contract for deed is that you really don?t have a legal claim to the property until you have paid off the entire purchase price.
A disadvantage to the seller is that a contract for deed is frequently characterized by a low down payment and the purchase price is paid in installments instead of one lump sum.The legal fees and time frame for this process will be more extensive than a standard Power of Sale foreclosure.
