Winston–Salem North Carolina Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract

• Category: North Carolina Real Estate - Contract for Deed
• State: North Carolina
• City: Winston–Salem
• Control #: NC-00470-3
• Format: Word; Rich Text

Description

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 Winston-Salem North Carolina Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed, also known as a Land Contract, is an important document that outlines the specific financing terms involved when purchasing residential property through this type of agreement. This disclosure provides crucial information to potential buyers and ensures transparency in the transaction. The disclosure may vary based on the specific terms agreed upon between the seller and the buyer. However, some common keywords and types of Winston-Salem North Carolina Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed include: 1. Purchase Price: This section will outline the agreed-upon price for the property being sold through the land contract. 2. Down Payment: The disclosure will specify the required down payment amount, usually a percentage of the purchase price, that the buyer must provide at the time of entering into the agreement. 3. Interest Rate: The disclosure will state the interest rate that will be applied to the remaining balance of the purchase price, which the buyer will need to pay back over the course of the contract. 4. Payment Schedule: This section will outline the frequency and timing of the buyer's payments, including whether they are monthly, quarterly, or yearly, and the due dates for each installment. 5. Balloon Payment: In some cases, the seller may require a larger one-time payment (commonly referred to as a balloon payment) towards the end of the contract term. The disclosure will specify if such a payment is required and the amount. 6. Default and Remedies: This section will explain the consequences and remedies in case of buyer defaulting on payments or breaching any other terms of the agreement. 7. Closing Costs: The disclosure will specify who will be responsible for paying the closing costs associated with the purchase, such as title search fees, insurance, and transfer taxes. 8. Property Condition: This section might include information regarding any known defects, liens, or encumbrances on the property, which the buyer should be aware of before entering into the agreement. It's important for both the buyer and the seller to carefully review and understand the Winston-Salem North Carolina Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed. Consulting with a real estate attorney or professional is highly recommended ensuring all relevant legal and financial aspects are covered and that both parties are fully aware of their rights and obligations.

The Winston-Salem North Carolina Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed, also known as a Land Contract, is an important document that outlines the specific financing terms involved when purchasing residential property through this type of agreement. This disclosure provides crucial information to potential buyers and ensures transparency in the transaction. The disclosure may vary based on the specific terms agreed upon between the seller and the buyer. However, some common keywords and types of Winston-Salem North Carolina Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed include: 1. Purchase Price: This section will outline the agreed-upon price for the property being sold through the land contract. 2. Down Payment: The disclosure will specify the required down payment amount, usually a percentage of the purchase price, that the buyer must provide at the time of entering into the agreement. 3. Interest Rate: The disclosure will state the interest rate that will be applied to the remaining balance of the purchase price, which the buyer will need to pay back over the course of the contract. 4. Payment Schedule: This section will outline the frequency and timing of the buyer's payments, including whether they are monthly, quarterly, or yearly, and the due dates for each installment. 5. Balloon Payment: In some cases, the seller may require a larger one-time payment (commonly referred to as a balloon payment) towards the end of the contract term. The disclosure will specify if such a payment is required and the amount. 6. Default and Remedies: This section will explain the consequences and remedies in case of buyer defaulting on payments or breaching any other terms of the agreement. 7. Closing Costs: The disclosure will specify who will be responsible for paying the closing costs associated with the purchase, such as title search fees, insurance, and transfer taxes. 8. Property Condition: This section might include information regarding any known defects, liens, or encumbrances on the property, which the buyer should be aware of before entering into the agreement. It's important for both the buyer and the seller to carefully review and understand the Winston-Salem North Carolina Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed. Consulting with a real estate attorney or professional is highly recommended ensuring all relevant legal and financial aspects are covered and that both parties are fully aware of their rights and obligations.