Owner Financing Mortgage Contract printable pdf download

Owner Financing Mortgage Contract

This agreement is entered into on the __________ day of __________________, 20____

between __________________________________________ (hereinafter “Owner”) and

_____________________________________________ (hereinafter “Buyer”) for the sale of the

property located at _____________________________________________________

(hereinafter “property”).

At all times the laws of the state in which the property is located govern this contract. This

contract is not a sale contract for the property. A separate sale contract for the property must be

entered into and executed according to the laws of the state in which the property is located.

Loan Terms

This contract establishes that Owner shall sell and Buyer shall buy the property and that Owner

shall finance the balance of the purchase price for the property for Buyer after Buyer delivers a

down payment.

The purchase price of the property is ______________________, as agreed to by the parties to

this contract. This amount was agreed to after an appraisal of the property, which occurred on

_________________________ and was conducted by _________________________________.

Buyer is/is not (circle one) obtaining financing for any portion of the purchase price of the

property from a third party, such as a bank. Buyer must notify Owner of the amount of financing

obtained from any third party and provide the name and contact information of the third party

within 30 days of obtaining such financing.

The down payment amount of _________________ has been agreed to by the parties and is to be

delivered no later than __________________________, 20_____. Failure to provide this down

payment nullifies this contract in its entirety.

The amount that Owner will finance for Buyer for the sale of the property is

_____________________ (hereinafter “Owner finance”). Owner shall carry the promissory note

for the entire mortgage term for the amount identified as Owner finance.

Buyer has submitted a mortgage application to obtain this financing and Owner has approved

Buyer’s finances.

Financing for the mortgage is to last for a period of _________________ and carries an interest

rate of ________________. This interest rate is/is not (circle one) flexible according to the

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Owner Financing Mortgage Contract