California Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract
What this document covers
The Seller's Disclosure of Financing Terms for Residential Property serves as a formal notice to the purchaser regarding the purchase price, payment structure, interest rates, and any applicable late charges associated with a contract for deed, also known as a land contract. This disclosure ensures that buyers are fully informed about the financial obligations of their property purchase, distinguishing it from other real estate forms that may not present these specific financing details.
Common use cases
This form should be used when selling residential property through a contract for deed arrangement. It is essential when a seller wants to outline clearly the financing terms before closing the sale, protecting both parties by ensuring that all financial obligations are transparent and understood ahead of signing the contract.
Who can use this document
This form is intended for:
- Property sellers conducting a sale via a contract for deed.
- Buyers interested in purchasing real estate where payments will be financed.
- Real estate agents or attorneys facilitating the sale process.
Steps to complete this form
- Identify the parties: Include the full names and contact details of both the seller and purchaser.
- Specify the property: Clearly describe the property being sold, including its address and any relevant identifiers.
- Enter the purchase price: Clearly state the total price that the purchaser must pay for the property.
- List payment terms: Outline the specific payment schedule, including due dates and amounts.
- Detail interest rates and late charges: Clearly indicate the interest rate applicable and any late fees to ensure understanding.
Does this document require notarization?
This form must be notarized to be legally valid. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call.
Typical mistakes to avoid
- Failing to accurately disclose the total purchase price.
- Leaving out essential details regarding payment schedules and amounts.
- Not specifying late charges, which can lead to misunderstandings.
Why complete this form online
- Convenience of instant download for immediate use.
- Editability allows sellers to customize terms specific to their agreements.
- Reliability of forms drafted by licensed attorneys ensures compliance with legal standards.
Form popularity
FAQ
Death in the Home. Neighborhood Nuisances. Hazards. HOA Information. Repairs. Water Damage. Missing Items. Other Possible Disclosures.
A seller is supposed to be truthful when answering the disclosure statement for the buyer.And, if a seller lies, the buyer is entitled to go after the seller for damages sustained because of an omission in the disclosure statement given to the buyer.
Search online or stop into your local city planning department to ask. You can also ask a real estate agent or an attorney for a copy of the disclosure law. Your state's Department of Real Estate might also have information about what disclosures are required in your state.
"No Seller Disclosures" means that the seller is selling the property without disclosing any defects or facts that might be necessary for a buyer to make an informed decision. A purchaser should get written permission to bring the purchaser's...
