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 Commercial Property — Owner Financed with Provisions for Note and Purchase Money Mortgage and Security Agreement is a legally binding document that outlines the terms and conditions for the sale of a commercial property in Franklin, Ohio. This specific contract is unique as it offers owner financing options, where the seller acts as the lender, and includes provisions for a promissory note and a purchase money mortgage and security agreement. This contract serves as a comprehensive agreement between the buyer and seller, ensuring a smooth transaction while protecting the interests of both parties. It includes various provisions such as the purchase price, down payment, payment schedule, interest rate, term of the loan, and security measures to safeguard the seller's investment. Key terms and provisions within the Franklin Ohio Contract for the Sale of Commercial Property — Owner Financed with Provisions for Note and Purchase Money Mortgage and Security Agreement may include: 1. Purchase Price: The agreed-upon amount at which the commercial property is being sold. 2. Down Payment: The initial payment made by the buyer at the time of signing the contract. 3. Financing Terms: The specific details regarding owner financing, such as the interest rate, term of the loan, and repayment schedule. 4. Promissory Note: A legally binding document outlining the buyer's promise to repay the loan, including details such as the loan amount, interest rate, and repayment terms. 5. Mortgage and Security Agreement: An agreement that provides the seller with a security interest in the property being sold, allowing them to foreclose or take possession of the property if the buyer fails to fulfill their obligations. 6. Default and Remedies: The actions that can be taken if the buyer defaults on the contract, such as the seller's right to foreclose on the property or retain possession of the property until the default is resolved. 7. Closing Procedures: The steps and requirements for the final transfer of the property's ownership, including any necessary title searches, inspections, and other closing conditions. Additionally, variations of the Franklin Ohio Contract for the Sale of Commercial Property — Owner Financed with Provisions for Note and Purchase Money Mortgage and Security Agreement may exist based on specific provisions required by the parties involved. These could include contingencies related to environmental assessments, zoning restrictions, or other property-specific considerations.The Franklin Ohio Contract for the Sale of Commercial Property — Owner Financed with Provisions for Note and Purchase Money Mortgage and Security Agreement is a legally binding document that outlines the terms and conditions for the sale of a commercial property in Franklin, Ohio. This specific contract is unique as it offers owner financing options, where the seller acts as the lender, and includes provisions for a promissory note and a purchase money mortgage and security agreement. This contract serves as a comprehensive agreement between the buyer and seller, ensuring a smooth transaction while protecting the interests of both parties. It includes various provisions such as the purchase price, down payment, payment schedule, interest rate, term of the loan, and security measures to safeguard the seller's investment. Key terms and provisions within the Franklin Ohio Contract for the Sale of Commercial Property — Owner Financed with Provisions for Note and Purchase Money Mortgage and Security Agreement may include: 1. Purchase Price: The agreed-upon amount at which the commercial property is being sold. 2. Down Payment: The initial payment made by the buyer at the time of signing the contract. 3. Financing Terms: The specific details regarding owner financing, such as the interest rate, term of the loan, and repayment schedule. 4. Promissory Note: A legally binding document outlining the buyer's promise to repay the loan, including details such as the loan amount, interest rate, and repayment terms. 5. Mortgage and Security Agreement: An agreement that provides the seller with a security interest in the property being sold, allowing them to foreclose or take possession of the property if the buyer fails to fulfill their obligations. 6. Default and Remedies: The actions that can be taken if the buyer defaults on the contract, such as the seller's right to foreclose on the property or retain possession of the property until the default is resolved. 7. Closing Procedures: The steps and requirements for the final transfer of the property's ownership, including any necessary title searches, inspections, and other closing conditions. Additionally, variations of the Franklin Ohio Contract for the Sale of Commercial Property — Owner Financed with Provisions for Note and Purchase Money Mortgage and Security Agreement may exist based on specific provisions required by the parties involved. These could include contingencies related to environmental assessments, zoning restrictions, or other property-specific considerations.
