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.
Kentucky Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract
Category:
State:
Kentucky
Control #:
KY-00470-3
Format:
Word;
Rich Text
Instant download
Description
How to fill out Kentucky 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
Interest rates on land contracts can vary dramatically, and buyers and sellers ultimately call the shots on the loan's rate. That said, interest rates typically stay under 12%, Smith said.
Interest rates on land contracts can vary dramatically, and buyers and sellers ultimately call the shots on the loan's rate. That said, interest rates typically stay under 12%, Smith said. Federal loan regulations, as well as state usury laws, restrict sellers from overcharging interest fees.
One of the biggest negatives that can occur with a land contract is when a buyer purchases a property on which the seller is still making mortgage payments.
A land contract should spell out the purchase price, down payment, payment schedule, installment amount, interest rate, loan term and balloon payment amount, if applicable. Responsible party for home repairs. The buyer and seller agree upfront on who will make and pay for home repairs.
Land contracts are useful instruments for sellers who are selling a home and contemplating carrying the financing for a buyer. It gives sellers a built-in income and generally a better interest rate than rates offered on money market accounts or certificates of deposit.
A land contract carries purchase obligations as the buyer had already committed into a financing agreement for the full purchase. On the other hand, a rent to own contract involves less obligations whereby the buyer has the option, but is not obligated to buy the property after the contract period.
With a land contract, the Buyer does not pay for the property all at once, but in payments.The Seller must hold a foreclosure sale and, if the property sells for more than the debt remaining on the property (plus sale expenses) the Buyer must be given the difference.
