Virginia Contract for Deed Package

State:
Virginia
Control #:
VA-P023-PKG
Format:
Word; 
Rich Text
Instant download

Description Deed Contract Purchase

This package contains essential legal documents that are used for owner financing of real estate by using a Contract for Deed. The documents in this package are State Specific and include the following:


This package contains the following forms:



1.) A Contract for Deed;

2.) Assignment of Contract for Deed by Seller;

3.) Notice of Assignment of Contract for Deed;

4.) Seller's Disclosure of Financing Terms;

5.) Seller's Annual Accounting;

6.) Notice of Default for Past Due Payments;

7.) Final Notice of Default for Past Due Payments;

8.) Notice of Intent to Enforce Forfeiture Proceedings;

9.) Final Notice of Intent to Enforce Forfeiture Proceeding and Request to Vacate;

10.) General Notice of Default; and

11.) Seller's Disclosure of Forfeiture Rights

Purchase this package and save up to 70% over purchasing the forms separately!

Free preview Seller Serves Disclosure
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How to fill out Deed Contract Cure?

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Contract For Deed Package

Are you going to buy or sell property using a Contract for Deed? Simplify the process with US Legal Forms. Just answer a few questions to get a professionally drafted package of state-specific forms.

Deed Contract Payment Form popularity

Discounted Deed Purchase Other Form Names

Forfeiture Contract Disclosure   Contract Serves Form   Seller Deed Contract   Seller Deed Purchase   Contract Purchase Retains   Seller Serves Nonpayment   Seller Contract Accounting  

Discounted Deed Form FAQ

The buyer must record the contract for deed with the county recorder where the land is located within four months after the contract is signed. Contracts for deed must provide the legal name of the buyer and the buyer's address.

Interest rates on land contracts can vary dramatically, and buyers and sellers ultimately call the shots on the loan's rate. That said, interest rates typically stay under 12%, Smith said. Federal loan regulations, as well as state usury laws, restrict sellers from overcharging interest fees.

Generally, contract for deed sellers use IRS Form 6252 to report installment sales in the year in which they take place. You also use Form 6252 during each year you receive income from your contract for deed.

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. If a seller needs funds from the sale to buy another property, this would not be a beneficial method of selling real estate.

Contract for Deed Seller Financing. A contract for deed is used by some sellers who finance the sale of their homes. Seller's Ownership Liability. Buyer Default Risk. Seller Performance. Property Liens Could Hinder Purchase.

A contract for deed is an agreement for buying property without going to a mortgage lender. The buyer agrees to pay the seller monthly payments, and the deed is turned over to the buyer when all payments have been made.

A land contract should spell out the purchase price, down payment, payment schedule, installment amount, interest rate, loan term and balloon payment amount, if applicable. Responsible party for home repairs. The buyer and seller agree upfront on who will make and pay for home repairs.

The interest rate on a contract for deed loan is typically 3% - 6% higher than the rate on regular mortgage. A higher interest rate means a higher monthly mortgage payment plus you are also responsible for property taxes and insurance even though you do not own the property.

Purchase price. Down payment. Interest rate. Number of monthly installments. Responsibilities of the buyer and seller. Legal remedies for the seller if the buyer does not make payments.

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Virginia Contract for Deed Package