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 Wayne Michigan 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 crucial document for both sellers and buyers involved in real estate transactions. This disclosure outlines the specific financing terms and conditions that apply to the sale of a residential property through a Land Contract in Wayne County, Michigan. In Wayne County, Michigan, there are several types of Seller's Disclosures of Financing Terms that may apply to residential properties in connection with a Contract or Agreement for Deed, also referred to as a Land Contract. These disclosures ensure transparency and protect the interests of both parties involved. Here are some of the key types: 1. Interest Rate Disclosure: This type of disclosure specifies the interest rate that the buyer will be required to pay on the outstanding balance of the Land Contract. It outlines whether the interest rate is fixed or variable, and also provides information on any potential changes to the interest rate throughout the term of the agreement. 2. Payment Schedule Disclosure: This disclosure lays out the payment schedule for the Land Contract, including the frequency of payments and the due dates. It also indicates whether there are any penalties for late payments and if the agreement allows for early repayment options. 3. Down Payment Disclosure: This type of disclosure covers the down payment requirement for the Land Contract. It states the specific amount or percentage of the purchase price that the buyer must pay upfront as a down payment to secure the agreement. 4. Duration and Balloon Payment Disclosure: This disclosure outlines the duration of the Land Contract, stating the number of years or months it will be in effect. It also indicates if there is a balloon payment due at the end of the term, which is a large lump sum payment to settle the remaining balance. 5. Default and Remedies Disclosure: This disclosure highlights the consequences of defaulting on the Land Contract and explains the remedies available to the seller in such situations. It may include provisions related to foreclosure, eviction, or any other legal actions that can be taken by the seller. 6. Property Condition Disclosure: While not directly related to financing terms, this disclosure provides details regarding the condition of the property being sold. It ensures that the buyer is aware of any known defects, repairs needed, or other relevant property information. It is important for both sellers and buyers to understand the various Seller's Disclosures of Financing Terms when entering into a Land Contract agreement in Wayne County, Michigan. Seeking legal advice or assistance from real estate professionals can help ensure compliance with relevant laws and protect the rights of all parties involved.
