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: Thy Buyer's Request for Accounting from Seller under Contract for Deed in Thousand Oaks, California Introduction: In Thousand Oaks, California, buyers who are entering into a contract for deed have the right to request an accounting from the seller. This accounting is a crucial step to ensure transparency and fairness in the transaction. Below, we will delve into the details of what a Thousand Oaks California Buyer's Request for Accounting from Seller under Contract for Deed entails, as well as explore any potential variations of such requests. 1. Purpose of Buyer's Request for Accounting: The primary purpose of a buyer's request for accounting from the seller under a contract for deed is to obtain a clear and comprehensive breakdown of the financial transactions related to the property. It provides buyers with a detailed understanding of payments made, interest accrued, and the remaining balance, giving them a complete picture of the financial arrangement. 2. Key Elements of a Buyer's Request for Accounting: a. Clear Identification: The request should include the buyer's and seller's names, property address, contract for deed date, and other relevant details to ensure accurate identification of the transaction. b. Payment History: A buyer's accounting request should outline all payments made by the buyer, indicating the dates, amounts, method of payment, and the portion allocated to principal and interest. c. Interest Calculation: The seller must disclose the method used to calculate interest and provide a breakdown of how much interest has been accrued over the course of the contract. d. Principal Balance: The remaining principal balance after deducting all payments made should be clearly stated in the accounting request. e. Other Expenses: Buyers may request additional information about any other expenses related to the property, such as insurance costs, property taxes, or maintenance fees. 3. Types of Thousand Oaks California Buyer's Request for Accounting from Seller under Contract for Deed: a. Routine Accounting Request: This is a standard request made by the buyer to obtain periodic updates on the financial status of the contract for deed, usually on a monthly or annual basis. b. Final Accounting Request: This request is submitted when the buyer intends to pay off the remaining balance and fulfill the contract for deed. It provides a final breakdown of the remaining principal, accrued interest, and any outstanding expenses. c. Audit Request: In certain situations, buyers may request a comprehensive audit of the accounting records to ensure accuracy and verify the seller's compliance with the terms of the contract. Conclusion: A Thousand Oaks California Buyer's Request for Accounting from Seller under Contract for Deed is a critical step in ensuring transparency and fair dealing. By requesting and carefully reviewing the accounting information from the seller, buyers can make informed decisions, protect their interests, and maintain a harmonious contract for deed arrangement.
