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.
A Houston Texas Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal document that outlines the terms and conditions of a real estate transaction involving the sale of a residential property. This type of contract is commonly used when the property seller agrees to finance the purchase directly, acting as the lender rather than relying on a traditional mortgage lender or bank. Keywords: Houston Texas, contract, sale, residential property, owner financed, provisions, note, purchase money mortgage. Different types of Houston Texas Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage can include variations such as: 1. Basic Contract: This type of contract includes essential information about the property sale, buyer and seller details, loan terms, and provisions for a promissory note and a purchase money mortgage. 2. Contract with Adjustable Interest Rate: This variant allows for the interest rate on the loan to be adjusted periodically, based on a predetermined index or market conditions. 3. Contract with Balloon Payment: In this type of contract, a significant portion of the loan principal is due in a lump sum at the end of a specified period. The remaining debt can be refinanced, paid off, or extended. 4. Contract with Down Payment: This variant includes provisions for the buyer to provide a down payment amount, typically a percentage of the purchase price, which reduces the loan principal. 5. Contract with Prepayment Penalty: This type of contract includes a provision that imposes a penalty fee on the buyer if they decide to pay off the loan before a certain time period. 6. Contract with Seller Carry back: In this scenario, the seller acts as the lender and carries back a portion of the purchase price in the form of a loan, while the buyer secures a mortgage for the remaining amount from a traditional lender. 7. Contract with Loan Assumption: This type of contract allows the buyer to assume the existing mortgage on the property, with the seller becoming the lender for any additional financing required. It is important to note that while these variations exist, the exact terms and provisions of a Houston Texas Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage will vary depending on the individual parties involved and their specific agreement.A Houston Texas Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage is a legal document that outlines the terms and conditions of a real estate transaction involving the sale of a residential property. This type of contract is commonly used when the property seller agrees to finance the purchase directly, acting as the lender rather than relying on a traditional mortgage lender or bank. Keywords: Houston Texas, contract, sale, residential property, owner financed, provisions, note, purchase money mortgage. Different types of Houston Texas Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage can include variations such as: 1. Basic Contract: This type of contract includes essential information about the property sale, buyer and seller details, loan terms, and provisions for a promissory note and a purchase money mortgage. 2. Contract with Adjustable Interest Rate: This variant allows for the interest rate on the loan to be adjusted periodically, based on a predetermined index or market conditions. 3. Contract with Balloon Payment: In this type of contract, a significant portion of the loan principal is due in a lump sum at the end of a specified period. The remaining debt can be refinanced, paid off, or extended. 4. Contract with Down Payment: This variant includes provisions for the buyer to provide a down payment amount, typically a percentage of the purchase price, which reduces the loan principal. 5. Contract with Prepayment Penalty: This type of contract includes a provision that imposes a penalty fee on the buyer if they decide to pay off the loan before a certain time period. 6. Contract with Seller Carry back: In this scenario, the seller acts as the lender and carries back a portion of the purchase price in the form of a loan, while the buyer secures a mortgage for the remaining amount from a traditional lender. 7. Contract with Loan Assumption: This type of contract allows the buyer to assume the existing mortgage on the property, with the seller becoming the lender for any additional financing required. It is important to note that while these variations exist, the exact terms and provisions of a Houston Texas Contract for the Sale of Residential Property — Owner Financed with Provisions for Note and Purchase Money Mortgage will vary depending on the individual parties involved and their specific agreement.
