This is a Purchaser's Request of Accounting Statement from Seller. It is a request in writing to receive an accounting of the payments paid since the contract was made and a breakdown of any interest, fees, costs, taxes and insurance paid. It is also a request for the balance due on the contract.
Kentucky Buyer's Request for Accounting from Seller under Contract for Deed
State:
Kentucky
Control #:
KY-00470-13
Format:
Word;
Rich Text
Instant download
Description
How to fill out Kentucky Buyer's Request For Accounting From Seller Under Contract For Deed?
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FAQ
A disadvantage to the seller is that a contract for deed is frequently characterized by a low down payment and the purchase price is paid in installments instead of one lump sum.The legal fees and time frame for this process will be more extensive than a standard Power of Sale foreclosure.
In the first instance, if your deed is not recorded, there is nothing in the public record to stop the seller from conveying the property to another person.The second situation could happen if your seller fails to pay his or her debts and the seller's creditors file liens or judgments against your property.
If you want out of a real estate contract and don't have any contingencies available, you can breach the contract.The seller could also decide to sue you for breach of contract. Some real estate contracts have a liquidated damages clause that states the maximum the seller can keep if the buyers breach the contract.
Other benefits include: no loan qualifying, low or flexible down payment, favorable interest rates and flexible terms, and a quicker settlement. The biggest risk when buying a home contract for deed is that you really don?t have a legal claim to the property until you have paid off the entire purchase price.
Purchase price. Down payment. Interest rate. Number of monthly installments. Responsibilities of the buyer and seller. Legal remedies for the seller if the buyer does not make payments.
While a buyer can legally back out of a home contract, there can be consequences for doing so. For example, you can lose your earnest money, which could amount to thousands of dollars or more. That is unless your reason for pulling out of the deal is stipulated in your contract.
The buyer should record the contract for deed with the county recorder where the land is located and does so normally within four months after the contract is signed, though the time may vary depending on state law.
Contact the other party and ask whether they are willing to negotiate the cancellation of the contract. Offer the other party an incentive to cancel the contract for deed.
The buyer must record the contract for deed with the county recorder where the land is located within four months after the contract is signed. Contracts for deed must provide the legal name of the buyer and the buyer's address.
