The Owner Financed Home Sale Contract is utilized when traditional mortgage financing is either unavailable or undesirable for the property transaction. This agreement, governed by England and Wales law, provides an alternative financing method where the property seller acts as the lender. It's particularly relevant in situations involving properties that might not qualify for traditional mortgage financing, or where buyers seek more flexible payment terms. The document encompasses both the property sale and financing arrangements, detailing payment terms, security provisions, and conditions for title transfer, while ensuring compliance with relevant property and consumer credit legislation.
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1. Parties: Identification of seller and buyer with full legal names and addresses
2. Background: Context of the transaction and property details
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold
5. Purchase Price: Total amount and payment structure
6. Payment Terms: Down payment, monthly payments, interest rate, and duration
7. Security Provisions: Legal charge/mortgage details
8. Default Provisions: Consequences of payment default
9. Transfer of Title: Conditions for transfer of legal ownership
1. Insurance Requirements: Property insurance obligations - include when specific insurance requirements need to be imposed
2. Property Maintenance: Maintenance obligations during the finance period - include when specific maintenance standards need to be maintained
3. Early Repayment: Terms for early repayment of the loan - include when early repayment options are offered
4. Assignment Rights: Rights to assign the contract - include when assignment needs to be specifically addressed
1. Property Details Schedule: Detailed property description including boundaries and fixtures
2. Payment Schedule: Detailed amortization schedule showing payments and interest
3. Property Title Documents: Copies of relevant title documents
4. Property Condition Report: Current condition of the property at time of sale
5. Insurance Certificates: Copies of required insurance policies
Relevant legal definitions
Agreement
Property
Purchase Price
Completion Date
Deposit
Down Payment
Monthly Payment
Interest Rate
Term
Financing Period
Default
Default Rate
Encumbrance
Legal Charge
Seller
Buyer
Title
Transfer Date
Business Day
Condition Precedent
Early Repayment
Insurance Requirements
Property Rights
Payment Schedule
Security Interest
Amortization Schedule
Fixtures and Fittings
Land Registry
Parties
Conveyancer
Due Date
Late Payment Fee
Maintenance Obligations
Property Description
Stamp Duty Land Tax
Title Documents
Outstanding Balance
Repayment Terms
Default Notice
Force Majeure
Property
Purchase Price
Completion Date
Deposit
Down Payment
Monthly Payment
Interest Rate
Term
Financing Period
Default
Default Rate
Encumbrance
Legal Charge
Seller
Buyer
Title
Transfer Date
Business Day
Condition Precedent
Early Repayment
Insurance Requirements
Property Rights
Payment Schedule
Security Interest
Amortization Schedule
Fixtures and Fittings
Land Registry
Parties
Conveyancer
Due Date
Late Payment Fee
Maintenance Obligations
Property Description
Stamp Duty Land Tax
Title Documents
Outstanding Balance
Repayment Terms
Default Notice
Force Majeure
Clauses
Sale and Purchase
Payment Terms
Interest Rate
Security
Default
Property Transfer
Title Warranties
Insurance
Maintenance
Early Repayment
Assignment
Notices
Force Majeure
Governing Law
Jurisdiction
Property Description
Representations and Warranties
Conditions Precedent
Registration
Default Remedies
Property Inspection
Taxes and Expenses
Risk and Insurance
Severability
Entire Agreement
Amendment
Further Assurance
Indemnification
Termination
Survival
Variation
Waiver
Third Party Rights
Costs
Counterparts
Payment Terms
Interest Rate
Security
Default
Property Transfer
Title Warranties
Insurance
Maintenance
Early Repayment
Assignment
Notices
Force Majeure
Governing Law
Jurisdiction
Property Description
Representations and Warranties
Conditions Precedent
Registration
Default Remedies
Property Inspection
Taxes and Expenses
Risk and Insurance
Severability
Entire Agreement
Amendment
Further Assurance
Indemnification
Termination
Survival
Variation
Waiver
Third Party Rights
Costs
Counterparts
Relevant Industries
Relevant Teams
Relevant Roles
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