This Seller's Disclosure Notice of Financing Terms Contract for Deed serves as notice to Purchaser of the purchase price of property and how payments, interest, and late charges are set. This document should be completed by Seller of property and provided to the Purchaser at or before the signing of the contract for deed.
Corona, California Seller's Disclosure of Financing Terms for Residential Property in Connection with Contract or Agreement for Deed, also known as a Land Contract, is a legally binding document that outlines the specific terms and conditions related to the financing of a residential property. This disclosure serves to provide comprehensive information regarding the financial agreement between the seller (also known as the vendor) and the buyer (also known as the Vendée). It helps ensure transparency and protect the rights of both parties involved in the transaction. There are various types of Corona, California Seller's Disclosure of Financing Terms for Residential Property in Connection with Contract or Agreement for Deed, including: 1. Down Payment and Purchase Price: This section of the disclosure outlines the agreed-upon purchase price and the amount of the down payment required by the seller. It may also specify whether any portion of the down payment is refundable under certain circumstances. 2. Financing Terms: This section provides details on the financing terms, such as the interest rate, the duration of the loan, and the payment schedule. It may also include information on any potential adjustments to the interest rate, such as an adjustable-rate mortgage. 3. Payment Responsibilities: This portion clarifies the buyer's payment obligations, including the amount of each installment, the due dates, and any additional fees or charges associated with late payments or prepayment. 4. Insurance and Taxes: This section outlines the responsibilities of the buyer and seller regarding insurance coverage for the property and payment of property taxes. It may specify whether the buyer is required to obtain homeowner's insurance and if the seller will escrow funds for property taxes. 5. Default and Remedies: The disclosure also addresses default and remedies available to both parties in case of non-compliance with the contract terms. It may include information on grace periods, repossession procedures, and any penalties or fees associated with default. 6. Title and Transfer of Ownership: This section explains the process of transferring the property's title upon completion of the contract terms. It may outline the conditions for a clear title, any liens or encumbrances on the property, and the seller's obligations to deliver a marketable title. 7. Dispute Resolution: The disclosure may specify the preferred method of dispute resolution, such as mediation, arbitration, or litigation, in case any conflicts arise between the buyer and seller during the course of the agreement. It is essential for both parties to thoroughly review and understand the Corona, California Seller's Disclosure of Financing Terms for Residential Property in Connection with Contract or Agreement for Deed before entering into such an agreement. It is recommended to consult with legal professionals or real estate agents with expertise in land contracts to ensure compliance with state laws and protect the interests of all parties involved.
