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.
Title: Understanding Rialto, California Buyer's Request for Accounting from Seller under Contract for Deed Introduction: In the vibrant city of Rialto, California, buyers seeking properties under the Contract for Deed arrangement have the right to request an accounting from the seller. This important document serves as a means of transparency, allowing buyers to have a comprehensive understanding of the financial aspects associated with the sale. Let's explore the various types of Rialto, California Buyer's Request for Accounting from Seller under Contract for Deed and what they entail. 1. Initial Accounting Statement: The Initial Accounting Statement is the first type of request that buyers may make to the seller under a Contract for Deed agreement. It outlines the financial aspects of the property transaction, including the purchase price, any down payments made, the interest rate, and the term of the contract. This statement ensures that the buyer is fully informed about the financial obligations they are undertaking. 2. Monthly Payment Breakdown: Buyers may also request a Monthly Payment Breakdown from the seller. This accounting statement provides a detailed breakdown of each monthly payment, specifying the amount allocated toward the principal, interest, property taxes, insurance, and any additional fees. It enables the buyer to track their financial obligations accurately and understand the distribution of their monthly payments. 3. Escrow Account Statement: Another type of request that buyers may make is an Escrow Account Statement from the seller. This statement outlines any funds held in an escrow account and details the disbursement of those funds. Buyers can expect to see payments towards property taxes, insurance premiums, and other expenses associated with the property. This statement offers transparency regarding the allocation and usage of BS crowed funds. 4. Amortization Schedule: Buyers may also seek an Amortization Schedule from the seller, which provides a comprehensive overview of the loan repayment schedule. This schedule breaks down each payment over the contract period, outlining the portions that go towards principal and interest. It helps buyers visualize the reduction of their loan balance over time and plan for the future. 5. Property Expenses Statement: Under the Buyer's Request for Accounting, buyers might ask for a Property Expenses Statement to gain insight into any additional expenses related to the property. This statement includes costs for maintenance, repairs, property management fees, and any other relevant expenses incurred by the seller. Knowing these expenses allows the buyer to assess the overall financial responsibility associated with the property. Conclusion: Rialto, California Buyer's Request for Accounting from Seller under Contract for Deed ensures transparency and financial clarity for both parties involved in a property transaction. By utilizing various types of accounting statements, buyers can have a detailed understanding of their financial obligations, making informed decisions throughout the contract period. Whether it is the Initial Accounting Statement, Monthly Payment Breakdown, Escrow Account Statement, Amortization Schedule, or Property Expenses Statement, these requests enable buyers to navigate the Contract for Deed agreement confidently.
