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.
West Palm Beach 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
City:
West Palm Beach
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
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Florida is a ?mortgage-only? state. Florida does not recognize deeds of trust in its state law.
Florida case law provides that, with some exceptions, a home seller must disclose any facts or conditions about the property that have a substantial impact on its value or desirability and that others cannot easily see for themselves.
In Florida a seller of residential property is obligated to disclose to a buyer all facts known to a seller that materially and adversely affect the value of the Property being sold which are not readily observable by a buyer.
While a seller's property disclosure form is not required under Florida law, Florida law does require seller's and their realtors to disclose any significant property defects that may not be easily visible to the buyer. Buyers still have the responsibility to have the property inspected.
In Florida a seller of residential property is obligated to disclose to a buyer all facts known to a seller that materially and adversely affect the value of the Property being sold which are not readily observable by a buyer.
Since an agreement for deed is an agreement that the seller makes to the buyer to transfer the property once a specified amount of money has been received, it is considered a mortgage under Florida Law.
Essentially, an Agreement for Deed is a purchase money mortgage from the seller to the buyer, allowing the buyer to take possession before the full purchase price is paid to the seller. The Florida Courts and Legislature view an Agreement for Deed as a mortgage, securing an obligation to pay.
A seller must disclose any facts or conditions they know about that materially affect the value of the property. This means that they have to tell a buyer about any issue that would reduce the value of the property or make the property less desirable. Problems with the title to the home or property.
The contract for deed is a much faster and less costly transaction to execute than a traditional, purchase-money mortgage. In a typical contract for deed, there are no origination fees, formal applications, or high closing and settlement costs.
