Owner Financing Terms Promissory Note Amount: $ Interest ...
[Pages:1]Owner Financing Terms
Promissory Note Amount: $_______________
Interest Rate:
______%
Is Interest Rate Fixed:
Yes _____ No ______
If interest rate is adjustable, how is it to be adjusted: ______________________
________________________________________________________________
Payment Amount: $ _______________
Payment Due Date(s): Monthly ______ Annually _____ Other __________
Balloon Payment(s): Yes _____ No ______
Amt. and Due Date(s):______________________________________________
Maturity Date of Note: ____________________
Due on Sale Clause:
Yes _____ No _____
Late Payment Fee: Yes _____ No ______
If Yes, ____% of monthly payment or $________ if more than _____ days late
(may not be less than 5 days)
Pre-Payment Penalty: Yes _____ No ______
If Yes, what is penalty amount and method of calculation:___________________
______________________________________________________________________________________
(Prepayment penalty cannot be requested on a 1-4 family home)
Proof of Payment of Taxes required: Yes _____
No ______
If Yes, How: Tax Service fee _________ OR written proof of payment of taxes
submitted to lender by borrower ______
Release Provisions? Yes _____ No _____ (if yes, see attached for options)
Will this Deed of Trust be in a first lien position: Yes _____ No ______
If no, will the existing d/t be assumed _______ or wrapped _______. If assumed or
wrapped, where is d/t held _____________ and acct. no. _____________.
Other Special Conditions of Deed of Trust (e.g.: any restrictions on use of property while
Deed of Trust encumbers property): ________________________________________
____________________________________________________________________________________________
____________________________________________________________________________________________
Is Property Improved: Yes _____ No ______ If Yes, is insurance required: Yes _____ No ______ If yes, amount of insurance required: $______________or balance owing on note ____ Note and Deed of Trust shall be escrowed at: ___________________________ Is mobile home included in this transaction? ____ If yes, does seller have the title? ____
Dated: ________________
Dated: _________________
Seller/Lender: _____________________Buyer/Borrower:________________________
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