This is a Seller's Annual Accounting Statement notifying the Purchaser of the number and amount of payments received toward contract for deed's purchase price and interest. This document is provided annually by Seller to Purchaser.
Portland Oregon Contract for Deed Seller's Annual Accounting Statement
Category:
State:
Oregon
City:
Portland
Control #:
OR-00470-4
Format:
Word;
Rich Text
Instant download
Description
How to fill out Oregon Contract For Deed Seller's Annual Accounting Statement?
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FAQ
A contract for deed is a unique financing tool available for a buyer, typically used when purchasing property. The buyer makes monthly payments on the property and receives the title only after the full purchase price is paid. The seller retains the title of the property until then.
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. If a seller needs funds from the sale to buy another property, this would not be a beneficial method of selling real estate.
Which statement correctly describes a contract for deed? The contract for deed includes the promise to pay and is usually used in a seller-financed transaction.
If you fall behind on payments, the contract can be terminated and you will lose whatever equity was previously built. Furthermore, if the seller has a mortgage and defaults on their payments, you may lose the property even though your own payments to the seller are current.
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.
Disadvantages of Common Law Contracts Contracts cost time and money to write. Whether they're drafted by a lawyer or reviewed by one, or even if they are written by an HR professional, contracts require a good deal of energy and are not an inexpensive undertaking.
Contract for deed is a contract for the sale of land which provides that the buyer will acquire possession of the land immediately and pay the purchase price in installments over a period of time, but the seller will retain legal title until all payments are made.
If you fall behind on payments, the contract can be terminated and you will lose whatever equity was previously built. Furthermore, if the seller has a mortgage and defaults on their payments, you may lose the property even though your own payments to the seller are current.
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. If a seller needs funds from the sale to buy another property, this would not be a beneficial method of selling real estate.
The contract for deed shall contain a recital of the terms of the sale, the amount of cash paid at the sale, the amount of each of the annual installments, the date of payment of such annual installments, and the rate of interest thereon.
