The Seller Financed Mortgage Contract is utilized when traditional bank financing is not preferred or available, allowing property sellers to act as lenders. This arrangement, governed by English and Welsh law, provides flexibility in property transactions while ensuring proper security and legal protection. The document includes crucial elements such as loan terms, security provisions, payment schedules, and default remedies, all structured to comply with UK property law and financial regulations. This type of contract is particularly valuable in situations requiring creative financing solutions or when dealing with properties that may not qualify for traditional mortgage lending.
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1. Parties: Identifies and defines the seller (lender) and buyer (borrower)
2. Background: Contextual information about the property and the agreement for seller financing
3. Definitions: Key terms used throughout the agreement including relevant legislative references
4. Property Details: Full legal description of the property being mortgaged
5. Loan Terms: Principal amount, interest rate, payment schedule, and term of the loan
6. Security Provisions: Details of the mortgage security over the property
7. Covenants: Borrower's obligations regarding property maintenance, insurance, and payments
8. Default Provisions: Consequences and remedies in case of default
1. Early Repayment Terms: Include when early repayment is permitted and any associated fees or conditions
2. Assignment Rights: Rights to assign the mortgage to third parties and conditions for assignment
3. Property Use Restrictions: Specific restrictions on property use and requirements for property maintenance
1. Property Schedule: Detailed property description including plans and title information
2. Payment Schedule: Detailed amortization schedule showing payments and interest calculations
3. Insurance Requirements: Specific insurance requirements and minimum coverage levels
4. Property Condition Report: Initial condition assessment of the property at the time of agreement
Relevant legal definitions
Agreement
Property
Purchase Price
Principal Sum
Interest Rate
Payment Date
Term
Completion Date
Mortgage
Security Interest
Default
Event of Default
Repayment Schedule
Business Day
Charges
Permitted Use
Insurance Requirements
Title Documents
Land Registry
Deed
Legal Charge
Early Repayment
Outstanding Balance
Payment Period
Seller's Solicitors
Buyer's Solicitors
Property Title Number
Commencement Date
Assignment
Enforcement
Working Day
Law
Restrictions
Security Documents
Related Rights
Property
Purchase Price
Principal Sum
Interest Rate
Payment Date
Term
Completion Date
Mortgage
Security Interest
Default
Event of Default
Repayment Schedule
Business Day
Charges
Permitted Use
Insurance Requirements
Title Documents
Land Registry
Deed
Legal Charge
Early Repayment
Outstanding Balance
Payment Period
Seller's Solicitors
Buyer's Solicitors
Property Title Number
Commencement Date
Assignment
Enforcement
Working Day
Law
Restrictions
Security Documents
Related Rights
Clauses
Loan Terms
Interest Calculation
Repayment
Security
Property Description
Insurance
Default
Acceleration
Remedies
Representations and Warranties
Covenants
Title
Property Maintenance
Assignment
Early Repayment
Notices
Registration
Enforcement
Costs and Expenses
Severability
Governing Law
Jurisdiction
Force Majeure
Entire Agreement
Amendment
Survival
Further Assurance
Third Party Rights
Waiver
Indemnification
Interest Calculation
Repayment
Security
Property Description
Insurance
Default
Acceleration
Remedies
Representations and Warranties
Covenants
Title
Property Maintenance
Assignment
Early Repayment
Notices
Registration
Enforcement
Costs and Expenses
Severability
Governing Law
Jurisdiction
Force Majeure
Entire Agreement
Amendment
Survival
Further Assurance
Third Party Rights
Waiver
Indemnification
Relevant Industries
Relevant Teams
Relevant Roles
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