Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract - Tennessee: Fill out & sign online

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What is seller financing also known as?

When used in the context of residential real estate, it is also called bond-for-title or owner financing. Usually, the purchaser will make some sort of down payment to the seller, and then make installment payments (usually on a monthly basis) over a specified time, at an agreed-upon interest rate, until the loan

What is another name for contract for deed?

Background: Under contract-for-deed dealsalso called land contracts, installment land contracts, land sales contracts, or bonds for deedthe seller agrees to turn over a homes deed only after the buyer completes a series of payments.

What is the sellers property disclosure statement used to disclose?

Repairs Made And Repairs Needed In addition to discussing renovations or remodeling projects that have been completed, Sellers Disclosure statements often contain a report of all of the repairs that have previously been made on a given property. This information can include the history of: Roof s or leaks.

Is seller financing the same as contract for deed?

A contract for deed is a type of seller financing, where the seller agrees to give possession of the property to the buyer immediately. The buyer makes payments directly to the seller, usually monthly, over a period of time agreed upon by both parties and established within the contract.

What do sellers have to disclose in Tennessee?

The disclosure statement should include the property address and the age of the home. Disclosure requires a list of amenities included with the sale and their condition. Sellers must report any known defects or malfunctions of structural or mechanical components.