This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The Franklin Ohio Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal document specifically designed for the sale of residential properties in Franklin, Ohio, where the homeowner agrees to finance the purchase of their property. This contract includes provisions for a note and a purchase money mortgage, allowing the buyer to obtain financing directly from the seller. In this contract, the homeowner (seller) becomes the lender and provides financing to the buyer, eliminating the need for a traditional mortgage lender. This type of agreement is commonly used when buyers encounter challenges with securing conventional financing or if they prefer to deal directly with the seller. There may be variations of the Franklin Ohio Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage, depending on specific circumstances and negotiations between the buyer and seller. However, the following types are commonly encountered: 1. Full purchase with owner financing: This type of contract represents a standard agreement where the buyer purchases the property with the seller financing the entire purchase amount. The note and purchase money mortgage provisions are applicable in this scenario. 2. Partial purchase with owner financing: In some cases, the buyer may provide a partial down payment and request the seller to finance the remaining purchase amount. This contract will outline the specific terms and conditions related to the partial owner financing. 3. Balloon payment agreement: This variation involves a larger final payment, commonly referred to as a balloon payment, due at a specified future date. The contract will include details about the scheduled balloon payment and any associated interest rates or penalties. 4. Rent-to-own agreement: In this type of contract, the buyer initially rents the property with an option to purchase in the future. A portion of the rent paid may be credited towards the purchase price when the agreement transitions into a full purchase contract. The note and purchase money mortgage provisions will still be applicable when the buyer exercises the option to purchase. The Franklin Ohio Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legally binding agreement that offers flexibility and alternative financing options for buyers and sellers in Franklin, Ohio. However, it is imperative for both parties to understand the terms, conditions, and legal implications associated with this type of contract before entering into the agreement. It is advisable to seek legal counsel or have a real estate professional review the contract to ensure its compliance with local regulations and protect the interests of all parties involved.The Franklin Ohio Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal document specifically designed for the sale of residential properties in Franklin, Ohio, where the homeowner agrees to finance the purchase of their property. This contract includes provisions for a note and a purchase money mortgage, allowing the buyer to obtain financing directly from the seller. In this contract, the homeowner (seller) becomes the lender and provides financing to the buyer, eliminating the need for a traditional mortgage lender. This type of agreement is commonly used when buyers encounter challenges with securing conventional financing or if they prefer to deal directly with the seller. There may be variations of the Franklin Ohio Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage, depending on specific circumstances and negotiations between the buyer and seller. However, the following types are commonly encountered: 1. Full purchase with owner financing: This type of contract represents a standard agreement where the buyer purchases the property with the seller financing the entire purchase amount. The note and purchase money mortgage provisions are applicable in this scenario. 2. Partial purchase with owner financing: In some cases, the buyer may provide a partial down payment and request the seller to finance the remaining purchase amount. This contract will outline the specific terms and conditions related to the partial owner financing. 3. Balloon payment agreement: This variation involves a larger final payment, commonly referred to as a balloon payment, due at a specified future date. The contract will include details about the scheduled balloon payment and any associated interest rates or penalties. 4. Rent-to-own agreement: In this type of contract, the buyer initially rents the property with an option to purchase in the future. A portion of the rent paid may be credited towards the purchase price when the agreement transitions into a full purchase contract. The note and purchase money mortgage provisions will still be applicable when the buyer exercises the option to purchase. The Franklin Ohio Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legally binding agreement that offers flexibility and alternative financing options for buyers and sellers in Franklin, Ohio. However, it is imperative for both parties to understand the terms, conditions, and legal implications associated with this type of contract before entering into the agreement. It is advisable to seek legal counsel or have a real estate professional review the contract to ensure its compliance with local regulations and protect the interests of all parties involved.
