The Broward County, Florida, Contract for the Sale of Motor Vehicle — Owner Financed with Provisions for Note and Security Agreement is a legal document that outlines the terms and conditions of a vehicle sale transaction in which the owner provides financing. This contract is commonly used in Broward County, Florida, and ensures the protection of the rights and interests of both parties involved in the transaction. The key provisions included in this Broward County, Florida, Contract for the Sale of Motor Vehicle — Owner Financed with Provisions for Note and Security Agreement are: 1. Identification of Parties: This section includes the full legal names, addresses, and contact information of both the seller (vehicle owner) and the buyer (purchaser). It also includes the description of the motor vehicle being sold, such as the make, model, year, VIN (Vehicle Identification Number), and license plate number. 2. Purchase Price and Financing Terms: This section outlines the total purchase price of the vehicle and the agreed-upon down payment. It also covers the financing terms, such as the remaining balance, monthly installments, and interest rate (if applicable). 3. Security Agreement: The security agreement establishes the rights and obligations of both parties regarding the vehicle being used as collateral for the financing. It outlines the terms for possession, use, and maintenance of the vehicle until the loan is fully repaid. 4. Promissory Note: The promissory note is a legally binding document that details the specific terms of the loan. It includes the repayment schedule, interest rate, late payment penalties, and any other relevant financial terms agreed upon by both parties. 5. Vehicle Condition and Warranty: This section specifies the condition of the motor vehicle at the time of the sale and whether any warranties or guarantees are provided by the seller. 6. Default and Remedies: This section outlines the consequences and remedies if either party defaults on their obligations, including possible repossession of the vehicle by the seller. 7. Governing Law: The governing law clause identifies the applicable laws and jurisdiction in Broward County, Florida, which will govern the interpretation and enforcement of the contract. It's important to note that while there are different templates and variations of Broward County, Florida, Contract for the Sale of Motor Vehicle — Owner Financed with Provisions for Note and Security Agreement, their core elements generally remain the same. However, specific terms, conditions, and provisions may vary depending on the individual circumstances and the preferences of both the buyer and seller. It is always recommended consulting with a legal professional when drafting or reviewing any contract to ensure compliance with local laws and to protect the rights and interests of both parties involved.
Broward Florida Contract for the Sale of Motor Vehicle - Owner Financed with Provisions for Note and Security Agreement
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How to fill out Broward Florida Contract For The Sale Of Motor Vehicle - Owner Financed With Provisions For Note And Security Agreement?
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For example, the Florida statute of limitations is four years for injury and property damage cases, and oral and written contracts are four and five years, respectively. If you don't file within the proper period, you lose your right to sue.
A promissory note is often included in a mortgage, student loan, car loan, business loan or personal loan agreement. Borrowers will typically sign the promissory note as one of the last steps to receiving their borrowed funds.
A security agreement is a document that provides a lender a security interest in a specified asset or property that is pledged as collateral. Security agreements often contain covenants that outline provisions for the advancement of funds, a repayment schedule, or insurance requirements.
You do not have to hire an attorney to represent you at trial; however, it may be a good idea for you to consult an attorney as soon as possible to learn how to present your case at trial. Your local court or voluntary bar association may offer a free class with information about the small claims process.
When placing the car loan, you also sign a security agreement. This security agreement gives the bank a Security Interest in the Collateral or Security Property (the car). The security agreement gives the bank the right to go against the collateral (car) if you default.
When you write the promissory note, make sure to contain the following information: Name and address of the borrower and lender. Model, year, make, and VIN of the vehicle. Loan amount, interest rate, length of the loan, and maturity date. Late fees and penalties. Collateral information. Odometer reading.
A transaction in which a security interest is granted is called a secured transaction. Granting a security interest is the norm for loans such as auto loans, business loans, and mortgages, collectively called secured loans. Credit cards, however, are classified as unsecured loans.
Certified mail to defendants residing in the State of Florida only for a fee of $7.33 per defendant....County Civil (Small Claims) Fees. ItemFee AmountSmall claims less than $100.00$55.00Small claims $100 to $500.00$80.00Small claims $500.01 to $2500.00$175.00Small claims $2,500.01 to $8,000$300.0018 more rows
Broward County Court Filing Fees County Civil Effective July 1, 2009: Due to new legislation enacted by the State of Florida, the following filing fees and service charges have been implemented.Fee ($)Claims less than $10055.00Claims of $100 or more, but not more than $50080.0013 more rows
You must obtain and complete a Statement of Claims from the Broward County Clerk's Office. This will include a detailed description of the basis for your claim. You may request a jury trial in your Statement of Claim as well. You will need to attach two copies of any supporting documents to be filed with the clerk.