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.
Wayne, Michigan Contract to Sell Commercial Property with Commercial Building — Seller Financing Secured by Mortgage and Security Agreement Description: The Wayne, Michigan Contract to Sell Commercial Property with Commercial Building is a legal agreement that outlines the terms and conditions for the sale of a commercial property located in Wayne, Michigan. This contract offers the unique option of seller financing, which means that the seller agrees to provide financing to the buyer instead of the buyer seeking traditional financing from a bank or lending institution. The financing in this agreement is secured by a mortgage and security agreement, providing the seller additional protection and reassurance. Keywords: — Wayne, Michigan commerciapropertyrt— - Commercial building sale — Selfinancingncin— - Mortgage and security agreement — Wayne, Michigan reaestateat— - Commercial property contract — Seller financincontractac— - Secured financing — Wayne, Michigan propertSalal— - Commercial building mortgage Types of Wayne, Michigan Contract to Sell Commercial Property with Commercial Building — Seller Financing Secured by Mortgage and Security Agreement: 1. Standard Commercial Property Sale Contract with Seller Financing: This type of contract outlines the terms and conditions for the sale of a commercial property in Wayne, Michigan, where the seller agrees to provide financing to the buyer. It includes details regarding the property, purchase price, financing terms, mortgage, and security agreement. 2. Commercial Property Sale Contract with Adjustable Interest Rate: In this type of agreement, the seller offers financing to the buyer with an adjustable interest rate. The interest rate may fluctuate based on certain factors, such as market conditions or an agreed-upon index. 3. Commercial Property Sale Contract with Balloon Payment: With this contract, the seller provides financing to the buyer but includes a balloon payment provision. A balloon payment requires the buyer to make a significant lump sum payment towards the end of the loan term, thereby reducing monthly payments during the loan duration. 4. Commercial Property Sale Contract with Negotiable Down Payment: In this type of contract, the buyer and seller negotiate the down payment amount. This provides flexibility for buyers who may not have substantial upfront funds, allowing them to make a smaller down payment and finance the remaining amount. 5. Commercial Property Sale Contract with Escrow Account: This contract includes provisions for an escrow account, where the buyer's monthly payments, including principal, interest, and other agreed-upon charges, are held by a neutral third party. The escrow account ensures that funds are managed appropriately and provides safeguards for both the buyer and the seller. Remember to consult with a legal professional or real estate attorney when dealing with contracts and agreements to ensure compliance with local laws and regulations.
