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 South Fulton Georgia 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 essential document in real estate transactions. This disclosure provides detailed information regarding the financing terms offered by the seller, enabling potential buyers to make informed decisions. Here is a comprehensive description of the disclosure and its different types: 1. South Fulton Georgia Seller's Disclosure of Financing Terms for Residential Property: This initial disclosure includes all relevant details related to the financing terms for the residential property being sold through a land contract in South Fulton, Georgia. It outlines the key aspects of the financing agreement, such as the down payment, interest rate, duration of the contract, and any additional fees or charges applicable. 2. Down Payment Terms Disclosure: This type of disclosure specifically highlights the requirements and expectations regarding the down payment for the land contract. It indicates the percentage of the purchase price expected as a down payment, any deadlines associated with its payment, and any potential consequences for failure to comply with the down payment terms. 3. Interest Rate Disclosure: As interest rates significantly impact the overall cost of financing, this disclosure focuses on detailing the interest rate applicable to the land contract. It provides the specified interest rate charged by the seller and may also include information about any adjustments or variations in the interest rate during the term of the contract. 4. Contract Duration and Terms Disclosure: The Contract Duration and Terms Disclosure specifically outlines the duration of the contract or agreement for deed. It includes stipulations regarding the repayment schedule, such as the monthly installment amount, the total number of payments, and any penalties or fees associated with early repayment or default. 5. Additional Fees and Charges Disclosure: This disclosure informs the buyer of any additional fees or charges they may be responsible for during the course of the land contract. Examples of these fees could include property taxes, insurance premiums, maintenance expenses, or any other costs associated with the property. 6. Promissory Note Disclosure: In some cases, sellers may require buyers to sign a promissory note, which is a legal document outlining the specific terms and conditions of repayment. This disclosure provides all the necessary details regarding the promissory note, such as the principal amount, interest rate, repayment schedule, and any other obligations or stipulations related to the note. It is important for both sellers and buyers to thoroughly review and understand the South Fulton Georgia Seller's Disclosure of Financing Terms for Residential Property in connection with a Contract or Agreement for Deed, as it establishes the framework for the financial aspects of the land contract. It provides transparency and protects the rights of both parties involved, ensuring a fair and well-informed transaction.The South Fulton Georgia 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 essential document in real estate transactions. This disclosure provides detailed information regarding the financing terms offered by the seller, enabling potential buyers to make informed decisions. Here is a comprehensive description of the disclosure and its different types: 1. South Fulton Georgia Seller's Disclosure of Financing Terms for Residential Property: This initial disclosure includes all relevant details related to the financing terms for the residential property being sold through a land contract in South Fulton, Georgia. It outlines the key aspects of the financing agreement, such as the down payment, interest rate, duration of the contract, and any additional fees or charges applicable. 2. Down Payment Terms Disclosure: This type of disclosure specifically highlights the requirements and expectations regarding the down payment for the land contract. It indicates the percentage of the purchase price expected as a down payment, any deadlines associated with its payment, and any potential consequences for failure to comply with the down payment terms. 3. Interest Rate Disclosure: As interest rates significantly impact the overall cost of financing, this disclosure focuses on detailing the interest rate applicable to the land contract. It provides the specified interest rate charged by the seller and may also include information about any adjustments or variations in the interest rate during the term of the contract. 4. Contract Duration and Terms Disclosure: The Contract Duration and Terms Disclosure specifically outlines the duration of the contract or agreement for deed. It includes stipulations regarding the repayment schedule, such as the monthly installment amount, the total number of payments, and any penalties or fees associated with early repayment or default. 5. Additional Fees and Charges Disclosure: This disclosure informs the buyer of any additional fees or charges they may be responsible for during the course of the land contract. Examples of these fees could include property taxes, insurance premiums, maintenance expenses, or any other costs associated with the property. 6. Promissory Note Disclosure: In some cases, sellers may require buyers to sign a promissory note, which is a legal document outlining the specific terms and conditions of repayment. This disclosure provides all the necessary details regarding the promissory note, such as the principal amount, interest rate, repayment schedule, and any other obligations or stipulations related to the note. It is important for both sellers and buyers to thoroughly review and understand the South Fulton Georgia Seller's Disclosure of Financing Terms for Residential Property in connection with a Contract or Agreement for Deed, as it establishes the framework for the financial aspects of the land contract. It provides transparency and protects the rights of both parties involved, ensuring a fair and well-informed transaction.
