Kings New York Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract

• Category: New York Real Estate - Contract for Deed
• State: New York
• Control #: NY-00470-3
• Format: Word; Rich Text

Description

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. The Kings New York Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract is a legal document that outlines the financing terms and conditions between the seller and buyer in the sale of a residential property. This disclosure is vital in ensuring transparency and protecting the interests of both parties involved. The disclosure includes specific details regarding the financing terms and agreements, such as: 1. Down Payment: The document will specify the amount of down payment required by the buyer to secure the property. It may also mention any options for the buyer to negotiate this amount. 2. Purchase Price: The total purchase price of the property will be clearly stated in the disclosure. It may include any adjustments or contingencies associated with the price. 3. Interest Rates: The disclosure will outline the interest rate applicable to the financing arrangement. It may also include information on whether the interest rate is fixed or adjustable. 4. Payment Schedule: The document will provide a detailed payment schedule, including the frequency (monthly, quarterly, or annually) and the due dates for each payment. It may also mention any late payment penalties or grace periods. 5. Duration of Agreement: The disclosure will specify the duration of the agreement or contract for deed. This includes the number of years the buyer has to complete the payment and any options for early repayment or extension. 6. Default Terms: In case of default by either party, the disclosure will outline the consequences and provisions for resolving the default. It may include information on foreclosure procedures, fees, and any remedies available to the non-defaulting party. 7. Escrow Account: The disclosure may mention the use of an escrow account to hold the buyer's payments until the completion of the financing terms. It is important to note that there may be variations in the Kings New York Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract, depending on specific circumstances or additional terms agreed upon between the parties. Different types of disclosures may include variations in interest rates, payment schedules, or other loan-specific conditions that suit the needs of the parties involved. In conclusion, the Kings New York Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract is a crucial document that ensures transparency and clarity in the financing arrangements between the seller and buyer. It outlines the terms and conditions of the financing agreement, including details such as the down payment, purchase price, interest rates, payment schedule, duration of the agreement, default terms, and the possibility of using an escrow account.

The Kings New York Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract is a legal document that outlines the financing terms and conditions between the seller and buyer in the sale of a residential property. This disclosure is vital in ensuring transparency and protecting the interests of both parties involved. The disclosure includes specific details regarding the financing terms and agreements, such as: 1. Down Payment: The document will specify the amount of down payment required by the buyer to secure the property. It may also mention any options for the buyer to negotiate this amount. 2. Purchase Price: The total purchase price of the property will be clearly stated in the disclosure. It may include any adjustments or contingencies associated with the price. 3. Interest Rates: The disclosure will outline the interest rate applicable to the financing arrangement. It may also include information on whether the interest rate is fixed or adjustable. 4. Payment Schedule: The document will provide a detailed payment schedule, including the frequency (monthly, quarterly, or annually) and the due dates for each payment. It may also mention any late payment penalties or grace periods. 5. Duration of Agreement: The disclosure will specify the duration of the agreement or contract for deed. This includes the number of years the buyer has to complete the payment and any options for early repayment or extension. 6. Default Terms: In case of default by either party, the disclosure will outline the consequences and provisions for resolving the default. It may include information on foreclosure procedures, fees, and any remedies available to the non-defaulting party. 7. Escrow Account: The disclosure may mention the use of an escrow account to hold the buyer's payments until the completion of the financing terms. It is important to note that there may be variations in the Kings New York Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract, depending on specific circumstances or additional terms agreed upon between the parties. Different types of disclosures may include variations in interest rates, payment schedules, or other loan-specific conditions that suit the needs of the parties involved. In conclusion, the Kings New York Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract is a crucial document that ensures transparency and clarity in the financing arrangements between the seller and buyer. It outlines the terms and conditions of the financing agreement, including details such as the down payment, purchase price, interest rates, payment schedule, duration of the agreement, default terms, and the possibility of using an escrow account.