Queens 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. Queens New York Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed, commonly referred to as Land Contract, is a legally binding document that outlines the financial details of a property sale agreement in the Queen's borough of New York City. This disclosure serves to protect both the seller and the buyer by providing transparency and clarity regarding the financing terms involved in the transaction. Key Clauses and Terms: 1. Purchase Price: This section outlines the agreed-upon purchase price for the residential property. It includes any personal property or fixtures to be included in the sale. 2. Down Payment: The down payment amount or percentage required by the seller is stated in this section. It represents the initial investment made by the buyer towards the property purchase. 3. Financing Agreement: This section outlines the financing terms agreed upon between the buyer and the seller. It includes information about the interest rate, loan term, and any special conditions related to the financing arrangement. 4. Installment Payments: If the buyer will be making installment payments over a specified period, this section details the amount and frequency of these payments, along with any penalties or late fees associated with missed payments. 5. Balloon Payment: In some cases, a land contract may include a balloon payment, which requires the buyer to make a large, final payment at the end of the agreed-upon term. This section outlines the amount and due date of the balloon payment. 6. Default and Remedies: This clause explains the consequences of default on the contract, including potential penalties, foreclosure procedures, and remedies available to both parties. 7. Taxes and Insurance: The responsibilities for property taxes and insurance are usually addressed in the Queens New York Seller's Disclosure of Financing Terms. It specifies if the seller or buyer is responsible for these obligations during the contract period. 8. Closing Costs: This section describes the allocation of closing costs, including expenses for attorney fees, title insurance, recording fees, and any other costs associated with the property transfer. Types of Queens New York Seller's Disclosure of Financing Terms for Residential Property: 1. Fixed-Rate Land Contract: This financing arrangement involves a fixed interest rate and consistent installment payments over the agreed-upon term. 2. Adjustable Rate Land Contract: In this type of land contract, the interest rate may change over time, usually subject to market fluctuations. The installment payments may vary accordingly. 3. Balloon Payment Land Contract: This type of contract includes smaller monthly payments throughout the term, with a larger final balloon payment due at the end. By providing a detailed Queens New York Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract, both buyers and sellers can ensure they have a comprehensive understanding of the financial aspects involved in their property transaction, facilitating a smooth and transparent purchasing process.

Queens New York Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed, commonly referred to as Land Contract, is a legally binding document that outlines the financial details of a property sale agreement in the Queen's borough of New York City. This disclosure serves to protect both the seller and the buyer by providing transparency and clarity regarding the financing terms involved in the transaction. Key Clauses and Terms: 1. Purchase Price: This section outlines the agreed-upon purchase price for the residential property. It includes any personal property or fixtures to be included in the sale. 2. Down Payment: The down payment amount or percentage required by the seller is stated in this section. It represents the initial investment made by the buyer towards the property purchase. 3. Financing Agreement: This section outlines the financing terms agreed upon between the buyer and the seller. It includes information about the interest rate, loan term, and any special conditions related to the financing arrangement. 4. Installment Payments: If the buyer will be making installment payments over a specified period, this section details the amount and frequency of these payments, along with any penalties or late fees associated with missed payments. 5. Balloon Payment: In some cases, a land contract may include a balloon payment, which requires the buyer to make a large, final payment at the end of the agreed-upon term. This section outlines the amount and due date of the balloon payment. 6. Default and Remedies: This clause explains the consequences of default on the contract, including potential penalties, foreclosure procedures, and remedies available to both parties. 7. Taxes and Insurance: The responsibilities for property taxes and insurance are usually addressed in the Queens New York Seller's Disclosure of Financing Terms. It specifies if the seller or buyer is responsible for these obligations during the contract period. 8. Closing Costs: This section describes the allocation of closing costs, including expenses for attorney fees, title insurance, recording fees, and any other costs associated with the property transfer. Types of Queens New York Seller's Disclosure of Financing Terms for Residential Property: 1. Fixed-Rate Land Contract: This financing arrangement involves a fixed interest rate and consistent installment payments over the agreed-upon term. 2. Adjustable Rate Land Contract: In this type of land contract, the interest rate may change over time, usually subject to market fluctuations. The installment payments may vary accordingly. 3. Balloon Payment Land Contract: This type of contract includes smaller monthly payments throughout the term, with a larger final balloon payment due at the end. By providing a detailed Queens New York Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract, both buyers and sellers can ensure they have a comprehensive understanding of the financial aspects involved in their property transaction, facilitating a smooth and transparent purchasing process.