A Seller Financed Mortgage Contract is typically used when traditional bank financing is not available or desired. This arrangement, common in the United States real estate market, allows property sellers to act as lenders, often providing more flexible terms than traditional mortgages. The contract must comply with federal regulations including TILA, RESPA, and state-specific mortgage laws. It's particularly useful for buyers who may not qualify for conventional loans or in situations where quick closing is desired. The document includes crucial elements such as property description, payment terms, security interests, and remedies in case of default.
Seller Financed Mortgage Contract for the United States
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Seller Financed Mortgage Contract
"I need a Seller Financed Mortgage Contract for a commercial property sale in California, with a 15-year term and 6% interest rate, including provisions for early repayment without penalties and monthly payments beginning March 2025."
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1. Parties: Identification of seller/lender and buyer/borrower with full legal names and addresses
2. Background: Context of the transaction, property details, and intention to enter into seller financing arrangement
3. Definitions: Key terms used throughout the agreement including Property, Principal Amount, Interest Rate, Monthly Payment, etc.
4. Property Description: Legal description of the mortgaged property including address and detailed boundary information
5. Loan Terms: Principal amount, interest rate, payment schedule, and total term of the loan
6. Security Interest: Establishment of the mortgage lien and security interest in the property
7. Payment Terms: Payment amounts, due dates, methods of payment, and late payment provisions
8. Default Provisions: Circumstances constituting default and remedies including foreclosure rights
1. Prepayment Provisions: Terms and conditions for early payment of the loan, including any prepayment penalties if applicable
2. Balloon Payment: Terms and conditions for final balloon payment if the loan is not fully amortizing
3. Insurance Requirements: Specific insurance obligations beyond standard requirements, including hazard insurance and other coverages
4. Due on Sale Clause: Provisions regarding whether the loan becomes due in full upon sale or transfer of the property
1. Schedule A - Payment Schedule: Detailed amortization table showing payment breakdown over the loan term
2. Schedule B - Property Description: Detailed legal description of property including surveys and property boundaries
3. Schedule C - Required Insurance: Detailed specifications of required insurance coverage and minimum limits
4. Appendix A - Truth in Lending Disclosure: Federal required loan disclosure forms and calculations
5. Appendix B - State-Specific Disclosures: Any additional state-mandated disclosures and forms
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