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.
Florida Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract
Category:
State:
Florida
Control #:
FL-00470-3
Format:
Word;
Rich Text
Instant download
Description
How to fill out Florida 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
A land contract is a form of seller financing. It is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full.
You can sell your house on a land contract with an outstanding loan balance if your lender agrees and if the contract doesn't have a due-on-sale clause.
Sign a Land Contract At a minimum, a land contract should list the address of the real estate and the full legal description of the property, the purchase price, down payment amount, the monthly payment amounts and term, number of payments to be made, and any balloon payment required.
No statute prevents selling your mortgaged home using a contract for deed.A mortgage lender, though, can immediately foreclose its loan if it discovers a contract for deed sale took place. Other than mortgage lender permission to sell your home via contract for deed, you have no easy way around the due-on-sale clause.
It is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full. A buyer and a seller both sign the land contract covering agreed upon terms and conditions of the sale.
The main advantage of a land contract is that it's fairly easy to qualify for. As long as the seller is willing to go that route, there's little need for extensive credit checks. If the buyer defaults, the seller simply retains the property without the need of going through foreclosure.
At a minimum, a land contract should list the address of the real estate and the full legal description of the property, the purchase price, down payment amount, the monthly payment amounts and term, number of payments to be made, and any balloon payment required.
As the property is mortgaged, you can not sell part of the land without first getting your lender's consent.You may find that the lender wants to have a professional valuation carried out, for which you will have to pay and if there is still sufficient equity to support your mortgage you should get consent.
A: Yes you can, but you will need a good real estate attorney to do this for you, one that can structure this type of transaction.Ask someone who has recently sold a home or property, if they would recommend an attorney to get started.
