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.
The Sacramento California Seller's Disclosure of Financing Terms for Residential Property is a legally-required document that outlines the specific financing terms and conditions associated with a contract or agreement for deed, commonly known as a land contract. This disclosure is essential for buyers and sellers in order to ensure transparency and clarity regarding the financial obligations and arrangements involved in the transaction. Here are some essential components typically included in the Sacramento California Seller's Disclosure of Financing Terms for Residential Property: 1. Purchase Price: This section states the agreed-upon purchase price for the property. It may include any down payment or upfront payment made by the buyer. 2. Payment Schedule: The disclosure outlines the payment schedule for the buyer, including the frequency (monthly, quarterly, etc.) and due dates for each payment. It also specifies any late payment penalties or grace periods offered by the seller. 3. Interest Rate: This section outlines the interest rate applied to the outstanding balance of the purchase price. It indicates whether the rate is fixed or adjustable and specifies any changes or adjustments over time. 4. Amortization: The disclosure mentions the amortization schedule, which details the repayment of the loan principal and interest over a specific period. This information helps the buyer understand how each payment contributes to the reduction of the balance owed. 5. Balloon Payment: If applicable, the disclosure states if there is a balloon payment due at the end of the loan term, typically after a few years. It specifies the amount, due date, and any conditions attached to this payment. 6. Prepayment Penalty: In some cases, the seller may impose a prepayment penalty on the buyer if they choose to pay off the loan early. This section outlines the terms and conditions of such penalties, if any. 7. Default and Remedies: The disclosure addresses the consequences of defaulting on the payments, such as the seller's remedies, which may include foreclosure or termination of the land contract. It also outlines any grace periods or opportunities for the buyer to cure defaults. 8. Terms and Conditions: This section covers additional terms and conditions specific to the financing agreement, such as insurance requirements, property maintenance responsibilities, and any other obligations established by the seller. While the above components serve as a general guide, it's essential to note that specific forms or variations may exist for different types of Sacramento California Seller's Disclosure of Financing Terms for Residential Property related to contract or agreement for deed. These variations may depend on factors like the type of property (residential, commercial), the involvement of a third-party lender, additional contingencies, or unique circumstances specific to the sale.The Sacramento California Seller's Disclosure of Financing Terms for Residential Property is a legally-required document that outlines the specific financing terms and conditions associated with a contract or agreement for deed, commonly known as a land contract. This disclosure is essential for buyers and sellers in order to ensure transparency and clarity regarding the financial obligations and arrangements involved in the transaction. Here are some essential components typically included in the Sacramento California Seller's Disclosure of Financing Terms for Residential Property: 1. Purchase Price: This section states the agreed-upon purchase price for the property. It may include any down payment or upfront payment made by the buyer. 2. Payment Schedule: The disclosure outlines the payment schedule for the buyer, including the frequency (monthly, quarterly, etc.) and due dates for each payment. It also specifies any late payment penalties or grace periods offered by the seller. 3. Interest Rate: This section outlines the interest rate applied to the outstanding balance of the purchase price. It indicates whether the rate is fixed or adjustable and specifies any changes or adjustments over time. 4. Amortization: The disclosure mentions the amortization schedule, which details the repayment of the loan principal and interest over a specific period. This information helps the buyer understand how each payment contributes to the reduction of the balance owed. 5. Balloon Payment: If applicable, the disclosure states if there is a balloon payment due at the end of the loan term, typically after a few years. It specifies the amount, due date, and any conditions attached to this payment. 6. Prepayment Penalty: In some cases, the seller may impose a prepayment penalty on the buyer if they choose to pay off the loan early. This section outlines the terms and conditions of such penalties, if any. 7. Default and Remedies: The disclosure addresses the consequences of defaulting on the payments, such as the seller's remedies, which may include foreclosure or termination of the land contract. It also outlines any grace periods or opportunities for the buyer to cure defaults. 8. Terms and Conditions: This section covers additional terms and conditions specific to the financing agreement, such as insurance requirements, property maintenance responsibilities, and any other obligations established by the seller. While the above components serve as a general guide, it's essential to note that specific forms or variations may exist for different types of Sacramento California Seller's Disclosure of Financing Terms for Residential Property related to contract or agreement for deed. These variations may depend on factors like the type of property (residential, commercial), the involvement of a third-party lender, additional contingencies, or unique circumstances specific to the sale.
