Real Estate Purchase Agreement With Seller Financing Template for United States

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Key Requirements PROMPT example:

Real Estate Purchase Agreement With Seller Financing

"I need a Real Estate Purchase Agreement with Seller Financing for a commercial property in Texas, where I'm the seller offering 80% financing over 15 years with a 6% interest rate and quarterly payments, closing planned for March 2025."

Document background

The Real Estate Purchase Agreement with Seller Financing is utilized when traditional bank financing is not preferred or available, allowing property sellers to act as lenders. This arrangement is particularly common in situations involving quick sales, properties that may not qualify for conventional financing, or when buyers seek more flexible terms. The document must adhere to U.S. federal regulations and state-specific requirements, including proper disclosures, interest rate limits, and security documentation. It typically includes both standard purchase agreement elements and detailed financing terms, making it more complex than traditional purchase agreements.

Suggested Sections

1. Parties: Identifies buyer and seller with full legal names and addresses

2. Background/Recitals: States the intent to sell/purchase the property and basic context

3. Definitions: Defines key terms used throughout the agreement

4. Property Description: Detailed legal description of the property being sold

5. Purchase Price: Total purchase price and payment structure

6. Financing Terms: Details of seller financing including interest rate, payment schedule, and term

7. Security Interest: Details of mortgage or deed of trust securing the loan

8. Closing and Possession: Closing date, conditions, and possession terms

9. Title and Survey: Requirements for clear title and property survey

10. Representations and Warranties: Statements of fact by both parties about the property and transaction

Optional Sections

1. Due Diligence Period: Optional section covering inspection period and rights to terminate, typically used when buyer requires an inspection period

2. Environmental Matters: Optional section covering environmental conditions and responsibilities, typically used for commercial properties or properties with potential environmental issues

3. Escrow Provisions: Optional section covering terms for escrow arrangement, used when an escrow service is part of the transaction

4. Property Management: Optional section covering interim management arrangements, typically used for income-producing properties

5. Assignment Rights: Optional section covering rights to assign the agreement, used when assignment might be needed

Suggested Schedules

1. Property Description Schedule: Detailed legal description and property boundaries

2. Payment Schedule: Amortization schedule showing payment breakdown

3. Property Disclosure Statement: Seller's disclosures about property condition

4. Title Exceptions: List of title exceptions and encumbrances

5. Environmental Reports: Any environmental assessments or reports

6. Property Inspection Reports: Results of property inspections

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Construction
Banking
Property Management

Relevant Teams

Real Estate
Legal
Finance
Operations
Compliance

Relevant Roles

Real Estate Agent
Property Developer
Real Estate Attorney
Property Manager
Title Officer

Industries

Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardized calculation of financing costs in consumer credit transactions

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, requiring specific disclosures about mortgage settlement costs and prohibiting kickbacks

Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, or public assistance status

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on protected characteristics

Dodd-Frank Wall Street Reform: Federal legislation affecting seller financing rules and requiring additional compliance for frequent seller-financiers

SAFE Mortgage Licensing Act: Federal law establishing minimum standards for state licensing and registration of mortgage loan originators

State Real Estate Laws: State-specific regulations governing real estate transactions, varying by jurisdiction

State Usury Laws: State-specific laws setting maximum legal interest rates for financial transactions

State Contract Laws: State-specific regulations governing formation and enforcement of contracts

State Foreclosure Laws: State-specific procedures and requirements for foreclosure processes

State Disclosure Requirements: State-mandated disclosures specific to real estate transactions and seller financing

State Recording Requirements: State-specific rules for recording real estate documents and securing interests

Local Zoning Ordinances: Municipal or county regulations governing property use and development

Local Real Estate Transfer Taxes: Municipal or county taxes imposed on real estate transfers

Statute of Frauds: Legal requirement that real estate contracts must be in writing to be enforceable

Due-on-Sale Clauses: Provisions in existing mortgages that may affect seller financing arrangements

IRS Regulations: Federal tax rules affecting seller financing, including income reporting and interest deduction requirements

Title Insurance Requirements: Rules and regulations regarding title insurance in seller-financed transactions

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Let's create your Real Estate Purchase Agreement With Seller Financing

Authors

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