Products tagged with 'purchase money mortgage'

If a potential buyer of your property cannot qualify for conventional mortgage financing, you can help by carrying part or all of the purchase price under this Contract for Deed.

• A contract for deed is also referred to as a purchase money mortgage or a land contract.
• Under the terms of this Contract, the seller effectively becomes the mortgage lender for the balance of the purchase money.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.

The New Mexico Contract for Deed form is available in MS Word format and easy to use.

If you are selling a real estate property in New York, you can assist the buyer by carrying part or all of the purchase price with this Contract for Deed (purchase money mortgage).

• Under the terms of this Contract, the seller effectively becomes the mortgage lender for the balance of the purchase money.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.
• This Contract for Deed form is in MS Word format and is fully editable to fit your exact circumstances.
• Intended to be used only in the State of New York.

A Contract for Deed is used when you want to sell a property in North Carolina and you plan to finance the purchase by allowing the buyer to pay the purchase price over time.

• The Contract for Deed is also called an installment agreement, land sale contract, or purchase money mortgage because the seller is basically assuming the role of a mortgage lender.
• The template contains several alternate payment clauses with different methods of repaying the loan plus interest (if any). Use the clause that reflects your agreement with the buyer, and delete the others.
• The buyer can take possession of the property but the seller remains the owner on the title deed until everything owing under the contract is paid.
• If there is already a mortgage on the property, the seller remains responsible for making the payments.
• Owner financing is a great option in cases where the buyer cannot get a conventional mortgage loan.
• The form is available in MS Word format.
• Intended to bge used only in the State of North Carolina.

If you are selling a real estate property in North Dakota, you can assist the buyer by carrying part or all of the purchase price with this Contract for Deed (purchase money mortgage).

• Under the terms of this Contract, the seller effectively becomes the mortgage lender for the balance of the purchase money.
• The seller remains on title as the owner of the property, even though the buyer takes possession. Once the purchase price is paid off, the seller will transfer ownership to the buyer.
• If the buyer fails to keep up the payments, the seller can take back the property. The buyer forfeits all of the payments made as liquidated damages.
• This Contract for Deed form is in MS Word format and is fully editable to fit your exact circumstances.
• Intended to be used only in the State of North Dakota.

An Installment Land Contract is used when you want to sell a property in Ohio and you plan to finance the purchase by allowing the buyer to pay the purchase price over time.

• An installment contract is also called a Contract for Deed, because at the end of the contract when the buyer has paid all of the amounts due under the contract, the seller transfers the title deed to the buyer.
• This type of contract is often used when selling property to a family member.
• You can only use the land contract for selling a property that has a home built on it, or a mobile home which is attached to the property. You can't use this contract to sell bare land.
• If the buyer fails to keep up the payments or does not perform any of its other obligations, the seller can repossess the property and keep all payments made as liquidated damages.
• The template includes a Lead Paint Disclosure, as required by federal laws.
• Intended to be used only in the State of Ohio.

If you are selling a real estate property in Oklahoma, you can assist the buyer by carrying part or all of the purchase price with this Contract for Deed.

• A contract for deed (or purchase money mortgage) allows a buyer to pay over time, with the seller carrying the balance until the last payment is made.
• The buyer can take possession and live in the home but doesn't own it. Once the price is paid in full, including any agreed interest, the seller conveys title to the buyer.
• You can only use the land contract for selling a property that has a home on it. You can't use this contract to sell bare land.
• If the buyer defaults under the contract, the seller has the right to repossess the property and keep all payments made as liquidated damages.
• The template includes a Lead Paint Disclosure, as required by federal laws.
• Intended for use only in the State of Oklahoma.