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.
Georgia Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract
Category:
State:
Georgia
Control #:
GA-00470-3
Format:
Word;
Rich Text
Instant download
Description
How to fill out Georgia 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
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.
What Must You Disclose? There is no formal legal requirement in Georgia for a seller to fill out a disclosure form. But the seller does have to inform the buyer about any material defects. In this case something is considered material if the defect would cause a person to not buy the property or pay less for it.
Seller-carried financing on mortgaged homes can be done, though sellers should structure their home sales carefully.While mortgage lenders might not pay attention to their mortgage loans if they're paid on time, they notice when payments are missed.
A contract for deed, also known as a "bond for deed," "land contract," or "installment land contract," is a transaction in which the seller finances the sale of his or her own property. In a contract for deed sale, the buyer agrees to pay the purchase price of the property in monthly installments.
If the seller fails to disclose information about the house but you haven't yet signed on the dotted line, you may be able to cancel the purchase. Canceling the purchase could be a lot less costly and time-consuming than suing the seller.
A contract for deed, also called a land contract or contract for sale, is a financing option for buyers who do not qualify for a mortgage loan to purchase property. In a contract for deed, the seller finances the purchase of the property, much like a mortgage company in a more traditional mortgage situation.
The seller is not providing a seller disclosure form and is selling the property as is, although he is allowing a home inspection.For example, if the seller's home is part of an estate or a foreclosure sale by a sheriff or court, a seller disclosure form may not be required. The rules are governed on a state level.
But, there are 12 states that are still considered non-disclosure: Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah and Wyoming. In a non-disclosure state, transaction sale prices are not available to the public.
Although Georgia's statutes do not require sellers to fill out a disclosure form, Georgia courts have stated that home sellers must inform buyer about any latent or known material (important) defects in the condition of the home.The Georgia seller must also honestly answer a buyer's questions about the home.
