Seller Financing Contract
Seller Financing Contract
This Contract is made and entered on this [Date] by and between [Your Name], hereinafter referred to as "Seller", and [Buyer Name], hereinafter referred to as 'Buyer', collectively referred to as 'Parties'.
1. PROPERTY
Seller agrees to sell and convey to Buyer and Buyer agrees to buy from Seller the property located at [Address of Property], together with all improvements and fixtures (the Property).
2. PURCHASE PRICE AND TERMS OF PAYMENT
The property purchase price is [Payment Amount], payable as follows:
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Down payment of [Payment Amount] on execution of this agreement.
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The balance of [Payment Amount] by a promissory note to be executed by the Buyer in favor of the Seller concerning the Property and due on [Due Date].
3. SELLER FINANCING
The Seller publicly acknowledges and affirms that they will provide financing to the Buyer for the purchase of the above-mentioned property. This loan will bear interest at an annual rate of [Interest Rate]
4. TAXES AND INSURANCE
Buyer will pay all taxes, assessments, and other charges relating to the Property after the effective date of this Agreement. Further, the Buyer will maintain sufficient insurance to protect the Property against any loss or destruction.
5. DEFAULT
If Buyer defaults on any of the conditions of this Agreement, Seller may terminate this Agreement. Upon such termination, payments made by Buyer under this Agreement shall be retained by Seller as liquidated damages.
6. LEGAL AND BINDING AGREEMENT
This Agreement is legally binding when signed by both parties and is subject to the federal laws of [Country] and the provincial laws of [State/Region].
[Your Name]
[DATE SIGNED]
[Buyer Name]
[DATE SIGNED]
