Spokane Valley Washington Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract

State:
Washington
City:
Spokane Valley
Control #:
WA-00470-3
Format:
Word; 
Rich Text
Instant download

Description

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 Spokane Valley Washington Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed, also known as a Land Contract, is an essential document for buyers and sellers entering into this type of financing arrangement. This disclosure provides important information about the terms and conditions of the financing agreement, ensuring transparency and protection for all parties involved. Keywords: Spokane Valley Washington, Seller's Disclosure, Financing Terms, Residential Property, Contract or Agreement for Deed, Land Contract Here is a detailed description of what the Spokane Valley Washington Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed, aka Land Contract, entails: 1. Parties Involved: The disclosure starts by stating the names and addresses of the buyer (also known as the Vendée) and seller (also known as the Vendor). This helps in identifying the individuals involved in the Land Contract. 2. Property Description: A detailed description of the residential property being sold is provided, including the address, legal description, and parcel number. This information ensures clarity about the property under consideration. 3. Terms and Conditions: This section elaborates on the terms and conditions of the Land Contract. It includes the purchase price, down payment, the amount financed, interest rate, and the number of installments or the duration of the financing period. Additionally, any late fees or penalties for non-compliance may be mentioned here. 4. Payment Schedule: The payment schedule outlines the frequency of payments, such as monthly, semi-annually, or annually. It also specifies the due dates for making payments and where the payments should be made. 5. Escrow Account: If an escrow account is being used to hold the payments, this section will describe its purpose and how it will be managed. The disclosure may also include information on who will be responsible for maintaining the escrow account and what happens in the event of a dispute. 6. Default and Remedies: This section details the consequences if the buyer fails to make payments or breaches any other terms of the Land Contract. It explains the remedies available to the seller, such as initiating foreclosure proceedings or terminating the contract. 7. Seller Disclosures: The disclosure may require sellers to provide information about any known defects or issues with the property, as well as any pending legal actions or liens. This ensures that the buyer is aware of any potential problems before finalizing the agreement. 8. Additional Provisions: This section allows for any additional terms or conditions to be included in the Land Contract that are not covered elsewhere. This can be used to address specific circumstances or requirements of the buyer or seller. Different types of Spokane Valley Washington Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed: 1. Residential Property with Fixed Interest Rate: This type of disclosure applies when the Land Contract includes a fixed interest rate, meaning the interest rate remains constant throughout the financing period. 2. Residential Property with Adjustable Interest Rate: This type of disclosure is used if the Land Contract includes an adjustable interest rate, meaning the interest rate may vary over time according to specific predetermined factors. 3. Residential Property with Balloon Payment: If the Land Contract involves a balloon payment, where a significant portion of the principal amount is due at the end of the contract term, there might be a specific disclosure to address this payment structure. It is crucial for both buyers and sellers to carefully review and understand the Spokane Valley Washington Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed, as it serves as a legally binding document that outlines the terms and conditions of their financial agreement. Consulting a real estate attorney or a qualified professional is recommended to ensure compliance with all legal requirements and to protect the interests of all parties involved.

How to fill out Washington Seller's Disclosure Of Financing Terms For Residential Property In Connection With Contract Or Agreement For Deed A/k/a Land Contract?

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FAQ

While sellers don't have a duty to inspect their home or look for defects, they do have a duty to disclose defects that affect the value, physical condition, or title to the property. Sellers should consider disclosure to be a form of insurance.

Example of Seller Financing Terms Typically, the seller will pay property taxes monthly to the buyer, who will then pay them either annually or semi-annually. Also, if there's an existing mortgage on the property, it's possible that part of the monthly mortgage payment is an escrow that covers taxes and insurance.

Must-have contract financing terms such as loan payment amounts, interest, taxes, insurance, and additional fees....Spell out the big numbers: How much are you willing to lend? The agreed-upon sales price. The non-refundable deposit amount. The remaining loan balance.

Seller disclosures are an important part of the typical home sale in Washington State. Unless the buyer has specifically waived receiving the form (which rarely happens), the statement is almost always required.

Property sellers are usually required to disclose negative information about a property. It is usually wise to always disclose issues with your home, whether you are legally bound to or not. The seller must follow local, state, and federal laws regarding disclosures when selling their home.

A seller financing agreement is usually fairly short-term and typically lasts no longer than 5 years with a balloon payment at the end. And just like in a conventional real estate transaction, a seller financing arrangement begins with a down payment.

Most Common Disclosures in Real Estate Natural Hazards Disclosure. First on the list is the natural hazards disclosure.Market Conditions Advisory (MCA) Market Conditions Advisory, also known as MCA, covers items more financial in nature.State Transfer Disclosure.Local Transfer Disclosure.Megan's Law Disclosures.

Any ongoing problems with neighbours, including boundary disputes. Any neighbours known to have been served an Anti Social Behaviour Order (ASBO) Whether there have been any known burglaries in the neighbourhood recently. Whether any murders or suicides have occurred in the property recently.

Almost all real estate sales in Washington State require a seller disclosure statement to be given to the buyer. Home sales, including condominium units, are included in the types of sales requiring a seller disclosure statement. The statute (RCW 64.06.

Things you should disclose to prospective buyers It's best to provide receipts and insurance claim information so buyers can see how you addressed the issue. Lead paint. Federal law requires homeowners to disclose any known lead-based paint if you're selling a home built before 1978. Hazardous conditions.

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Spokane Valley Washington Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract