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.
Oakland Michigan Buyer's Request for Accounting from Seller under Contract for Deed In Oakland, Michigan, a Buyer's Request for Accounting from Seller under Contract for Deed is a formal document often utilized by individuals or entities purchasing property through a Contract for Deed arrangement. This type of request seeks comprehensive financial information and accounting records from the seller. When entering into a Contract for Deed, the buyer agrees to purchase the property directly from the seller, making periodic payments over an agreed-upon period instead of obtaining financing from a traditional lender. As part of the transaction process, the buyer may want to request specific financial information from the seller to ensure transparency and verify the accuracy of payments made and received. Keywords: Oakland Michigan, Buyer's Request, Accounting, Seller, Contract for Deed Different Types of Oakland Michigan Buyer's Request for Accounting from Seller under Contract for Deed: 1. Financial Statement Request: A buyer may request the seller to provide a comprehensive financial statement outlining their financial standing. This statement includes information about assets, liabilities, income, and expenses, helping the buyer assess the seller's financial stability and capability to fulfill their obligations under the contract. 2. Payment History Request: This type of request involves the buyer seeking detailed records of all payments made by both parties during the duration of the Contract for Deed. It includes information such as the amount paid, the payment method, and the dates of each payment. Analyzing the payment history allows the buyer to track their progress on property ownership and confirm that payments have been correctly recorded. 3. Tax Documentation Request: Buyers often request copies of the seller's tax returns to gain insights into the seller's financial profile. These documents can reveal income sources, deductions, and other relevant financial information that may impact the buyer's decision to proceed with the Contract for Deed. 4. Expense Statement Request: This type of request focuses on obtaining detailed information regarding the property-related expenses incurred by the seller. These expenses may include property taxes, insurance premiums, maintenance costs, repairs, and any other relevant costs associated with the property. By reviewing the expense statement, the buyer can evaluate the financial health of the property and assess its investment potential. 5. Title Research Request: Buyers under Contract for Deed may request the seller to conduct a thorough title search and provide related documentation. This process ensures that the title is clear and free of any encumbrances or liens that could later affect the buyer's ownership rights. The buyer would want to ensure the seller clears any outstanding debts or legal issues tied to the property before proceeding with the contract. In conclusion, the Oakland Michigan Buyer's Request for Accounting from Seller under Contract for Deed encompasses various types of requests, including financial statements, payment history, tax documentation, expense statements, and title research. These requests allow buyers to gain a comprehensive understanding of the seller's financial situation and the property's overall condition, enabling them to make informed decisions regarding the Contract for Deed arrangement.
