West Virginia Contract for Deed Package

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

Description Seller Deed Contract

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 Deed Serves Disclosure
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How to fill out Seller Serves Financing?

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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.

Contract Accounting Retains Form popularity

Seller Serves Disclosure Other Form Names

Contract Serves Disclosure   Deed Cure Retains   Deed Form Cure   Contract Serves Form   Discounted Deed Form   Seller Contract Retains   Seller Contract Accounting  

Contract Purchase Retains FAQ

Land contracts are useful instruments for sellers who are selling a home and contemplating carrying the financing for a buyer. It gives sellers a built-in income and generally a better interest rate than rates offered on money market accounts or certificates of deposit.

A land contract is a real estate transaction in which a buyer finances a property by making installment payments to the seller. The buyer gains access to the home, but the seller maintains the legal title until the buyer pays off the loan.

One of the biggest negatives that can occur with a land contract is when a buyer purchases a property on which the seller is still making mortgage payments.

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.

An installment land sales contract is an agreement to buy land over time, without transferring title to the land until all the payment have been made.Until the purchase price is paid in full, the Seller keeps legal title to the property. This protects the Seller in case the Buyer doesn't make all of the payments.

Sign a Land Contract At a minimum, a land contract should list the address of the real estate and the full legal description of the property, the purchase price, down payment amount, the monthly payment amounts and term, number of payments to be made, and any balloon payment required.

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.

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 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.

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West Virginia Contract for Deed Package