The Owner Financed Sales Contract is utilized in Danish property transactions where traditional bank financing is either not preferred or not available. This comprehensive document serves a dual purpose: it facilitates the transfer of property ownership while simultaneously establishing a financing arrangement between the seller and buyer. The agreement must comply with Danish property law, including the Danish Contracts Act, Property Formation Act, and Registration of Property Act. It is particularly relevant in situations where sellers are willing to accept periodic payments instead of a full upfront payment, often making property purchases more accessible to buyers who might not qualify for traditional mortgage financing. The document includes crucial elements such as property details, purchase price, payment terms, interest rates, security arrangements, and remedies in case of default, all structured within the framework of Danish legal requirements.
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Key Requirements PROMPT example:
Owner Financed Sales Contract
I need an Owner Financed Sales Contract for the sale of my residential property in Copenhagen, where I will finance 75% of the 2.5M DKK purchase price over 15 years, with the buyer making a 25% down payment at closing in March 2025.
1. Parties: Identification of the seller/financier and buyer with full legal names, addresses, and registration numbers if applicable
2. Background: Context of the transaction and brief description of the arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including address, land registry details, and cadastral number
5. Purchase Price and Payment Terms: Total purchase price, down payment, and structure of owner financing
6. Financing Terms: Interest rate, payment schedule, loan duration, and calculation methods
7. Security and Mortgage: Details of the mortgage arrangement and security interests in the property
8. Transfer of Ownership: Conditions and timing for the transfer of title and registration requirements
9. Representations and Warranties: Seller's warranties about the property condition and buyer's confirmations
10. Due Diligence: Buyer's inspection rights and related procedures
11. Default and Remedies: Consequences of payment default and available remedies
12. Insurance and Maintenance: Requirements for property insurance and maintenance obligations
13. Property Charges: Responsibility for taxes, utilities, and other property-related charges
14. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction
15. Signatures: Execution blocks for all parties
1. Commercial Terms: Additional terms specific to commercial property transactions, used when the property is for business use
2. Existing Tenancies: Details of any existing rental agreements, used when the property is sold with sitting tenants
3. Environmental Provisions: Special provisions regarding environmental conditions, used for properties with known environmental issues
4. Development Rights: Terms regarding future development potential, used when development rights are relevant
5. Third-Party Rights: Details of any third-party rights affecting the property, used when such rights exist
6. Early Repayment Terms: Conditions for early loan repayment, used when parties want to include this option
7. Property Management: Terms for ongoing property management, used for complex properties requiring specific management arrangements
1. Property Details: Detailed technical description of the property, including boundaries, fixtures, and fittings
2. Payment Schedule: Detailed amortization schedule showing all payments, interest calculations, and balance reductions
3. Property Condition Report: Technical assessment of the property's condition at the time of sale
4. Title Documents: Copies of relevant title documents and land registry information
5. Existing Encumbrances: List of any existing mortgages, easements, or other encumbrances
6. Insurance Certificates: Copies of required insurance policies
7. Due Diligence Documents: Key findings from property inspections and technical reviews
8. Property Plans: Floor plans, site plans, and other relevant property drawings
Authors
Relevant legal definitions
Agreement
Property
Purchase Price
Down Payment
Financed Amount
Interest Rate
Payment Date
Completion Date
Transfer Date
Seller
Buyer
Business Day
Deed
Due Diligence Period
Encumbrances
Event of Default
Insurance Requirements
Land Registry
Mortgage
Payment Schedule
Permitted Use
Property Charges
Registration Requirements
Security Interest
Title Documents
Completion Documents
Property Condition Report
Cadastral Number
Maturity Date
Default Interest
Early Repayment
Force Majeure Event
Material Adverse Change
Permitted Assignee
Relevant Authority
Tinglysning
Technical Documentation
Valuation Report
Property
Purchase Price
Down Payment
Financed Amount
Interest Rate
Payment Date
Completion Date
Transfer Date
Seller
Buyer
Business Day
Deed
Due Diligence Period
Encumbrances
Event of Default
Insurance Requirements
Land Registry
Mortgage
Payment Schedule
Permitted Use
Property Charges
Registration Requirements
Security Interest
Title Documents
Completion Documents
Property Condition Report
Cadastral Number
Maturity Date
Default Interest
Early Repayment
Force Majeure Event
Material Adverse Change
Permitted Assignee
Relevant Authority
Tinglysning
Technical Documentation
Valuation Report
Clauses
Parties
Recitals
Definitions
Sale and Purchase
Purchase Price
Payment Terms
Interest
Security
Property Transfer
Title Warranty
Property Condition
Due Diligence
Insurance
Default
Remedies
Property Charges
Maintenance Obligations
Assignment
Force Majeure
Notices
Entire Agreement
Severability
Amendments
Registration
Governing Law
Jurisdiction
Representations and Warranties
Early Termination
Property Use
Environmental
Compliance with Laws
Dispute Resolution
Costs and Expenses
Further Assurance
Survival
Third Party Rights
Recitals
Definitions
Sale and Purchase
Purchase Price
Payment Terms
Interest
Security
Property Transfer
Title Warranty
Property Condition
Due Diligence
Insurance
Default
Remedies
Property Charges
Maintenance Obligations
Assignment
Force Majeure
Notices
Entire Agreement
Severability
Amendments
Registration
Governing Law
Jurisdiction
Representations and Warranties
Early Termination
Property Use
Environmental
Compliance with Laws
Dispute Resolution
Costs and Expenses
Further Assurance
Survival
Third Party Rights
Relevant Industries
Real Estate
Financial Services
Legal Services
Property Development
Construction
Insurance
Property Management
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Finance
Risk Management
Compliance
Business Development
Property Management
Investment
Operations
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Finance Manager
Property Developer
Contract Manager
Risk Manager
Commercial Director
Property Investment Manager
Compliance Officer
Real Estate Transaction Manager
Business Development Manager
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