The Seller Financed Purchase Agreement is commonly used when traditional financing options are unavailable or undesirable for either party. This agreement, governed by U.S. federal and state laws, provides an alternative financing method where the seller extends credit directly to the buyer. It typically includes detailed payment terms, security arrangements, and regulatory compliance measures. The document is particularly valuable in real estate transactions, business asset sales, and situations where buyers may not qualify for conventional loans. The agreement must comply with various regulations, including the Truth in Lending Act and state-specific usury laws.
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1. Parties: Identification and details of the seller and buyer
2. Background: Context of the sale and financing arrangement
3. Definitions: Key terms used throughout the agreement
4. Purchase Price and Payment Terms: Total purchase price, down payment, and financing details including Truth in Lending Act disclosures
5. Interest Rate and Payment Schedule: Interest rate, payment amounts, due dates, and term length in compliance with state usury laws
6. Security Interest: Details of collateral and security arrangements
7. Default Provisions: Consequences and remedies in case of default
8. Representations and Warranties: Statements of fact and promises made by both parties
9. Governing Law: Specification of applicable state law and jurisdiction
1. Insurance Requirements: Required insurance coverage for financed property, typically included for high-value items or real estate
2. Prepayment Provisions: Terms for early payment of the loan, including any prepayment penalties or benefits
3. Transfer Restrictions: Limitations on selling or transferring the property during the financing period
4. Tax Provisions: Allocation of tax responsibilities and requirements between parties
5. Property Maintenance: Requirements for maintaining the property during the financing period
1. Schedule A - Payment Schedule: Detailed amortization schedule showing payments, interest, and principal
2. Schedule B - Property Description: Detailed description of the property being sold
3. Schedule C - Truth in Lending Disclosure: Federal required disclosures about the credit terms
4. Schedule D - Security Agreement: Detailed terms of security interest and collateral
5. Schedule E - State-Specific Disclosures: Required disclosures based on state law requirements
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