This document serves as notice to Purchaser of the purchase price of property and how payments, interest, and late charges are set. It should be completed by Seller of property and provided to Purchaser at or before the signing of the contract for deed.
Indiana Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract
Category:
State:
Indiana
Control #:
IN-00470-3
Format:
Word;
Rich Text
Instant download
Description
How to fill out Indiana 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
With seller-financing, often the insurance and tax payments are paid directly to the owner, who is expected to make the annual payment personally. If, for some reason these payments aren't made, both parties can be put at risk of either a tax foreclosure, or a cancellation of the home owner's insurance.
_________/- (Rupees ____________________________), will be received by the FIRST PARTY from the SECOND PARTY, at the time of registration of the Sale Deed, the FIRST PARTY doth hereby agree to grant, convey, sell, transfer and assign all his rights, titles and interests in the said portion of the said property, fully
In seller financing, the seller takes on the role of the lender. Instead of giving cash to the buyer, the seller extends enough credit to the buyer for the purchase price of the home, minus any down payment.Then the buyer pays back the loan over time, typically with interest.
Owner Financing Example Over the course of the loan, the buyer makes monthly payments of $426 and is responsible for property tax and insurance payments. At closing, the buyer receives title to the home that is subject to a mortgage held by the seller.
Complete the addendum, including your name, the purchaser's name and a description of the property. Include the type of financing that you are providing, such as first mortgage, second mortgage or deed of trust. List the terms of the loan.
The seller financing addendum outlines the terms at which the seller of the property agrees to loan the money to the buyer in order to purchase their property.Once complete, this addendum should be signed and attached to the purchase agreement made between the parties.
Taxes need not be paid on the portion of the payments representing return of basis--the amount the seller originally paid for the property. Tax must be paid on the portion representing the gain from the sale; this is paid at capital gains rates, which are usually lower than ordinary income tax rates.
In a contract for deed, often done with seller finance deals, the answer is a little complicated. The buyer holds "equitable" title, while the seller holds legal title.
