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What is a default notice on property?

A default notice is often called a rescission notice when it contains details of the default but also states, where permitted by the contract, that unless the default is remedied, reasonable costs are paid and interest is paid within the time specified, the contract is at an end.

Is Idaho a disclosure state?

If youre selling your home in the Gem State, youll need to be mindful of Idahos real estate disclosure requirements. Sellers of residential property are (with a few narrow exceptions) required by state law to disclose to prospective buyers certain defects or issues with their home that could impair its value.

What is one advantage of a contract for deed?

The contract for deed is a much faster and less costly transaction to execute than a traditional, purchase-money mortgage. In a typical contract for deed, there are no origination fees, formal applications, or high closing and settlement costs.

What does it mean when you get a default notice?

If you miss payments or you dont pay the right amount, your creditor may send you a default notice, also known as a notice of default. If the default is applied itll be recorded in your credit file and can affect your credit rating. An account defaults when you break the terms of the credit agreement.

Do you have to disclose a death in a house in South Dakota?

South Dakota does require disclosure of death on a property. Sellers must disclose any homicides, suicides, or felonies that occurred within the last 12 months.

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