Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardized calculation of APR in consumer credit transactions, including owner-financed real estate.
Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, requiring specific disclosures about real estate transactions and settlement services.
Dodd-Frank Act: Federal legislation that introduced additional requirements for seller financing, including standards for loan origination and servicing.
CFPB Regulations: Federal regulatory framework overseeing consumer financial products and services, including seller-financed real estate transactions.
State Real Estate Laws: State-specific legislation governing real estate transactions, property rights, and transfer of title requirements.
State Contract Laws: State-specific rules governing contract formation, enforcement, and remedies in real estate transactions.
State Foreclosure Laws: State-specific procedures and requirements for foreclosure in case of default on land contracts.
State Recording Requirements: State-specific rules for recording real estate documents and contracts in public records.
State Usury Laws: State-specific limitations on maximum interest rates that can be charged in owner-financed transactions.
State Disclosure Requirements: State-mandated disclosures specific to seller financing and real estate transactions.
Local Zoning Regulations: Municipal or county rules governing property use and development restrictions.
Property Tax Obligations: Legal requirements regarding property tax payments, assessments, and allocation between parties.
Insurance Requirements: Mandatory insurance coverage and requirements for property protection during the contract period.
Title Requirements: Legal requirements for title search, insurance, and transfer conditions in land contracts.
Default and Remedy Provisions: Legal framework governing default scenarios, cure periods, and available remedies for both parties.
Due-on-Sale Clauses: Legal considerations regarding existing mortgages and their impact on seller financing arrangements.
Acceleration Clauses: Legal provisions allowing the seller to demand full payment under specified circumstances.
Notice Requirements: Legal requirements for providing notices between parties during the contract period.
Payment Terms: Legal framework for structuring payment schedules, amortization, and interest calculations.
Property Maintenance Obligations: Legal requirements regarding property maintenance responsibilities during the contract period.
