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.
Tampa Florida Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed: A Seller's Disclosure of Financing Terms for Residential Property in connection with a Contract or Agreement for Deed, also known as a Land Contract, is an important document that outlines the specific terms and conditions of financing for a residential property sale in Tampa, Florida. This disclosure provides necessary information to the buyer regarding the financial aspects of the transaction. There are different types of Tampa Florida Seller's Disclosure of Financing Terms for Residential Property in connection with a Contract or Agreement for Deed, including: 1. Interest Rate: This term specifies the rate of interest that will be charged on the outstanding balance of the purchase price. It outlines whether the interest rate is fixed or variable, and provides details on any adjustments or changes over the term of the agreement. 2. Payment Schedule: This term outlines the frequency and schedule of payments, including the amount due, due dates, and any grace periods or penalties for late payments. It may specify whether the agreement requires monthly, quarterly, or annual payments. 3. Down Payment: This term specifies the amount of money that the buyer is required to contribute upfront as a down payment towards the purchase price. It may include information on acceptable forms of payment and any deadlines for the payment. 4. Duration/Term: This term outlines the length of the agreement or contract, including the starting and ending dates. It specifies the number of years or months during which the buyer is required to fulfill the payments and eventually complete the purchase of the property. 5. Balloon Payment: In some cases, a Seller's Disclosure of Financing Terms may include a balloon payment clause. This means that at the end of the term, the buyer will be required to make a large lump sum payment to fully satisfy the outstanding balance. Details regarding the amount and due date of the balloon payment should be clearly stated in the disclosure. 6. Default and Remedies: This term describes the consequences in the event of default by the buyer, such as non-payment or violation of the terms outlined in the agreement. It may include information on late fees, penalties, forfeiture of payments made, or potential remedies available to the seller. 7. Property Condition: While primarily focused on financing terms, a comprehensive Seller's Disclosure of Financing Terms for Residential Property may also include a section addressing the condition of the property. This may include information about any defects, damages, or issues that the buyer should be aware of before entering into the agreement. It is crucial for both the seller and the buyer to carefully review and understand the Tampa Florida Seller's Disclosure of Financing Terms for Residential Property in connection with a Contract or Agreement for Deed. Consulting with a real estate attorney or a licensed real estate professional can provide helpful guidance throughout the process of understanding and negotiating these terms.
