Nassau 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. Nassau 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 an important document that outlines the relevant financing terms for the purchase of a residential property. This disclosure is essential for potential buyers and sellers to have a clear understanding of the financial obligations and terms associated with the transaction. Here is a detailed description of what this disclosure typically includes: 1. Purchase Price: The disclosure will outline the agreed purchase price for the property. This is the amount that the buyer will pay over the course of the financing period. 2. Down Payment: It will specify the amount of money the buyer is required to pay as a down payment at the time of signing the contract. This down payment is typically a percentage of the purchase price. 3. Interest Rate: The disclosure will detail the interest rate that applies to the financing arrangement. This is the rate at which interest will accrue on the remaining balance of the purchase price. 4. Payment Schedule: It will outline the payment schedule agreed upon by the buyer and seller. This includes the frequency of payments (monthly, quarterly, etc.) and the specific due dates. 5. Term length: This refers to the agreed-upon duration of the financing arrangement. It specifies the length of time over which the buyer will make payments to the seller. 6. Late Payment Penalties: The disclosure may include information about any penalties or fees the buyer may incur for late payments. This could include late payment charges or interest rate adjustments. 7. Principal Reduction: It will state whether any portion of the buyer's payments will be applied to reducing the principal balance of the purchase price and how this reduction will be calculated. 8. Default and Remedies: The disclosure will mention the consequences of defaulting on the contract, such as possible foreclosure or loss of rights to the property. It may also explain the remedies available to the buyer or seller in case of default. 9. Property Taxes and Insurance: The disclosure may specify whether the buyer or seller is responsible for property taxes and insurance during the financing period. This can vary depending on the agreement between the parties. Different types of Nassau New York Seller's Disclosure of Financing Terms for Residential Property may include variations in the specific terms mentioned above. Each contract or agreement for deed may have unique terms and conditions tailored to the specific property and the circumstances of the buyer and seller. It's essential for both parties to carefully review and understand these financing terms before entering into the agreement. As transactions involving land contracts can be complex, it is advisable for buyers and sellers to seek legal counsel to ensure they are fully informed and protected throughout the process.

Nassau 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 an important document that outlines the relevant financing terms for the purchase of a residential property. This disclosure is essential for potential buyers and sellers to have a clear understanding of the financial obligations and terms associated with the transaction. Here is a detailed description of what this disclosure typically includes: 1. Purchase Price: The disclosure will outline the agreed purchase price for the property. This is the amount that the buyer will pay over the course of the financing period. 2. Down Payment: It will specify the amount of money the buyer is required to pay as a down payment at the time of signing the contract. This down payment is typically a percentage of the purchase price. 3. Interest Rate: The disclosure will detail the interest rate that applies to the financing arrangement. This is the rate at which interest will accrue on the remaining balance of the purchase price. 4. Payment Schedule: It will outline the payment schedule agreed upon by the buyer and seller. This includes the frequency of payments (monthly, quarterly, etc.) and the specific due dates. 5. Term length: This refers to the agreed-upon duration of the financing arrangement. It specifies the length of time over which the buyer will make payments to the seller. 6. Late Payment Penalties: The disclosure may include information about any penalties or fees the buyer may incur for late payments. This could include late payment charges or interest rate adjustments. 7. Principal Reduction: It will state whether any portion of the buyer's payments will be applied to reducing the principal balance of the purchase price and how this reduction will be calculated. 8. Default and Remedies: The disclosure will mention the consequences of defaulting on the contract, such as possible foreclosure or loss of rights to the property. It may also explain the remedies available to the buyer or seller in case of default. 9. Property Taxes and Insurance: The disclosure may specify whether the buyer or seller is responsible for property taxes and insurance during the financing period. This can vary depending on the agreement between the parties. Different types of Nassau New York Seller's Disclosure of Financing Terms for Residential Property may include variations in the specific terms mentioned above. Each contract or agreement for deed may have unique terms and conditions tailored to the specific property and the circumstances of the buyer and seller. It's essential for both parties to carefully review and understand these financing terms before entering into the agreement. As transactions involving land contracts can be complex, it is advisable for buyers and sellers to seek legal counsel to ensure they are fully informed and protected throughout the process.