This Seller's Disclosure Notice of Financing Terms Contract for Deed serves as notice to Purchaser of the purchase price of property and how payments, interest, and late charges are set. This document should be completed by Seller of property and provided to the Purchaser at or before the signing of the contract for deed.
The Seattle Washington Seller's Disclosure of Financing Terms for Residential Property in connection with a Contract or Agreement for Deed, also known as a Land Contract, is a legal document used in real estate transactions to disclose important information about the financing terms for the sale of a residential property in Seattle, Washington. This document outlines the details and conditions of the financing arrangement between the seller and the buyer. Key elements covered in the Seattle Washington Seller's Disclosure of Financing Terms include: 1. Purchase Price: The document specifies the total purchase price agreed upon by the buyer and seller, along with any applicable fees or charges. 2. Down Payment: It outlines the amount of the initial down payment made by the buyer as a percentage of the purchase price or as a specific dollar amount. 3. Seller Financing Terms: The disclosure states whether the seller is providing financing for the transaction and if so, the terms of the loan agreement, including the interest rate, repayment schedule, and any other relevant terms. 4. Title Information: This section states whether the seller holds clear title to the property or if there are any liens, encumbrances, or pending legal issues that affect the title. 5. Property Condition: The disclosure may highlight any known defects, damages, or disclosures regarding the condition of the property. This information helps the buyer assess the risks associated with the purchase. 6. Land Contract/Agreement for Deed Terms: If the transaction is structured as a land contract or agreement for deed, this section includes specific provisions related to these types of contracts. It is important to note that while this description covers the general elements of the Seattle Washington Seller's Disclosure of Financing Terms, there may be variations of the document depending on specific circumstances or agreements between the buyer and seller. However, the key details mentioned above should always be included in the disclosure. By providing detailed information about the financing terms, conditions, and potential risks associated with the property, the Seattle Washington Seller's Disclosure of Financing Terms plays a crucial role in ensuring transparency and helping buyers make informed decisions during the purchase process.
