This is a Purchaser's Request of Accounting Statement from Seller. It is a request in writing to receive an accounting of the payments paid since the contract was made and a breakdown of any interest, fees, costs, taxes and insurance paid. It is also a request for the balance due on the contract.
Wyoming Buyer's Request for Accounting from Seller under Contract for Deed
State:
Wyoming
Control #:
WY-00470-13
Format:
Word;
Rich Text
Instant download
Description
How to fill out Wyoming Buyer's Request For Accounting From Seller Under Contract For Deed?
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FAQ
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.
This means that if you default and can?t make your payments, you lose the property and all of the money you have already paid into it (often including repairs and improvements). Unlike a traditional mortgage, a defaulting buyer in a contact for deed may only have 30-60 days to cure the default or move out.
Contrary to normal expectations, the Deed DOES NOT have to be recorded to be effective or to show delivery, and because of that, the Deed DOES NOT have to be signed in front of a Notary Public. However, if you plan to record it, then it does have to be notarized as that is a County Recorder requirement.
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.
In the first instance, if your deed is not recorded, there is nothing in the public record to stop the seller from conveying the property to another person.The second situation could happen if your seller fails to pay his or her debts and the seller's creditors file liens or judgments against your 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.
The buyer should record the contract for deed with the county recorder where the land is located and does so normally within four months after the contract is signed, though the time may vary depending on state law.
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.
Failure to record a deed effectively makes it impossible for the public to know about the transfer of a property. That means the legal owner of the property appears to be someone other than the buyer, a situation that can generate serious ramifications.
