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 Collin Texas Contract for the Sale of Commercial Property — Owner Financed with Provisions for Note and Purchase Money Mortgage and Security Agreement is a legal agreement used when buying or selling a commercial property in Collin, Texas, where the owner offers financing to the buyer. This type of contract includes provisions for a promissory note and a purchase money mortgage and security agreement. The primary purpose of this contract is to outline the terms and conditions of the property sale, including the purchase price, down payment, interest rate, repayment schedule, and any additional terms agreed upon between the buyer and seller. By offering owner financing, the seller acts as the lender, allowing the buyer to make payments over time rather than obtaining traditional financing options from a bank or mortgage lender. In this contract, the buyer acknowledges the terms of the promissory note, which is a written promise to repay the loan amount to the seller. The note details the principal amount, interest rate, payment schedule, and any other applicable fees. This note becomes a legally enforceable debt owed by the buyer to the seller. Moreover, the contract includes provisions for a purchase money mortgage, which is a type of mortgage used to secure the buyer's interest in the property. It serves as a lien on the property, ensuring that the seller has recourse in case of default by the buyer. The security agreement further details the terms of this mortgage, including the property being used as collateral, the rights and responsibilities of both parties, and any specific conditions or contingencies. It's important to note that there may be different variations or forms of the Collin Texas Contract for the Sale of Commercial Property — Owner Financed with Provisions for Note and Purchase Money Mortgage and Security Agreement. These variations might include different clauses, terms, or conditions based on the specifics of each sale. Therefore, it's essential for both parties involved to carefully review and tailor the contract to meet their unique requirements. In summary, a Collin Texas Contract for the Sale of Commercial Property — Owner Financed with Provisions for Note and Purchase Money Mortgage and Security Agreement is a legal agreement that facilitates the purchase of commercial property in Collin, Texas, with owner financing. It outlines the terms of the promissory note, purchase money mortgage, and security agreement to protect the interests of both the buyer and seller.
