This is a Seller's Annual Accounting Statement notifying the Purchaser of the number and amount of payments received toward contract for deed's purchase price and interest. This document is provided annually by Seller to Purchaser.
The McAllen Texas Contract for Deed Seller's Annual Accounting Statement to Purchaser is an important document that outlines the financial details of a residential land contract or executory contract between a seller and purchaser. This statement serves as an annual summary, providing transparency and accountability for both parties involved in the contract. The McAllen Texas Contract for Deed Seller's Annual Accounting Statement to Purchaser typically includes the following key elements: 1. Annual Summary: This section provides an overview of the financial transactions that took place during the previous year, including the total amount paid towards the purchase price, the interest accrued, and any fees or charges incurred. 2. Principal Balance: The statement will clearly state the remaining principal balance on the contract. This balance is often inclusive of any principal payments made by the purchaser during the year. 3. Interest Calculation: If the contract includes an interest component, the statement will include a breakdown of the interest accrued during the year. It may specify whether the interest is simple interest or calculated using a predetermined formula. 4. Escrow Account: If an escrow account holds funds for taxes, insurance, or other expenses, the statement will disclose the current balance in that account. It may also outline any disbursements made from the escrow account during the year. 5. Property Taxes: If the contract requires the purchaser to pay property taxes, the statement will state the amount paid during the year. It may also provide information regarding any outstanding property tax obligations. 6. Insurance Premiums: If the contract includes provisions for the purchaser to maintain insurance coverage on the property, the statement may include details about insurance premiums paid during the year. 7. Additional Expenses: The statement may include details of any additional expenses incurred during the year, such as maintenance or repair costs, if specified in the contract. 8. Late Fees or Penalties: If the purchaser has incurred any late fees or penalties due to missed payments or violations of the contract terms, they will be itemized in this section. 9. Contact Information: The statement will provide the contact information of both the seller and purchaser, allowing them to communicate and address any concerns or inquiries. Alternate names for the McAllen Texas Contract for Deed Seller's Annual Accounting Statement to Purchaser Residentialia— - Land Contract, Executory Contract, may vary slightly depending on local conventions or specific contract terms. However, common variations include Seller's Annual Accounts Statement, Deferred Payment Plan Annual Accounting Statement, or Land Contract Annual Summary Report.
