I’m about to sell my first home in my park on a note. I need help on the details and purchase contract.
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If the buyer defaults, they may expect a credit for principal paid to date. How do you handle that?
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Do you put something in so it is clear they are responsible for all maintenance
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Do you state they are required to keep the home in good condition?
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Insurance paid by note holder and added to payment? Insured in whose name?
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Property taxes? Taxes are paid to the town in Maine
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Note and lot rent in one payment or separate?
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Is there anything else that I should be sure to include?
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Do you put all of the above in the promissory note or use a separate document i.e. purchase contract?
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Do you file a lien on the home? Can you do that yourself?
Does anyone have a note purchase contract they would be willing to share?
This is my first one so I want to get it right.
Andy