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 Virginia Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal document used in real estate transactions where the seller agrees to finance the purchase of residential property. This contract allows buyers to bypass traditional bank financing and instead make payments directly to the seller. Key provisions included in this contract are: 1. Purchase Price: The contract specifies the agreed-upon purchase price for the residential property. 2. Financing Terms: It outlines the terms and conditions of the owner financing, including the interest rate, payment schedule, and duration of the loan. 3. Note and Purchase Money Mortgage: This contract incorporates provisions for the creation of a promissory note, which is a legal document representing the buyer's debt to the seller. It also establishes a purchase money mortgage, which serves as a security interest for the property in case of default. 4. Down Payment: The contract may indicate the required down payment amount and the deadline for its submission. 5. Property Description: This section includes a detailed description of the residential property being sold, such as the address, lot size, and any other relevant details. 6. Seller's Representations and Warranties: The seller provides assurances regarding the property's condition, title, and potential encumbrances. 7. Default and Remedies: The contract outlines the consequences of default by either party, including potential penalties, foreclosure procedures, and remedies available to the injured party. Different types of Virginia Contracts for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage may include variations in clauses, provisions, or additional terms specific to the parties involved, property type, or unique circumstances. It is essential to review and tailor the contract to meet individual needs while adhering to Virginia state laws and regulations.The Virginia Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal document used in real estate transactions where the seller agrees to finance the purchase of residential property. This contract allows buyers to bypass traditional bank financing and instead make payments directly to the seller. Key provisions included in this contract are: 1. Purchase Price: The contract specifies the agreed-upon purchase price for the residential property. 2. Financing Terms: It outlines the terms and conditions of the owner financing, including the interest rate, payment schedule, and duration of the loan. 3. Note and Purchase Money Mortgage: This contract incorporates provisions for the creation of a promissory note, which is a legal document representing the buyer's debt to the seller. It also establishes a purchase money mortgage, which serves as a security interest for the property in case of default. 4. Down Payment: The contract may indicate the required down payment amount and the deadline for its submission. 5. Property Description: This section includes a detailed description of the residential property being sold, such as the address, lot size, and any other relevant details. 6. Seller's Representations and Warranties: The seller provides assurances regarding the property's condition, title, and potential encumbrances. 7. Default and Remedies: The contract outlines the consequences of default by either party, including potential penalties, foreclosure procedures, and remedies available to the injured party. Different types of Virginia Contracts for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage may include variations in clauses, provisions, or additional terms specific to the parties involved, property type, or unique circumstances. It is essential to review and tailor the contract to meet individual needs while adhering to Virginia state laws and regulations.
