1. Seller Financing Purchase and Sale Agreement
• Purpose: A Purchase and Sale Agreement (sometimes referred to a Land Cotract) with seller financing outlines the terms of the sale of the property and specifies that the seller will provide financing to the buyer. It functions as a contract between the buyer and seller that details the sale price, terms of financing (interest rate, payment schedule), contingencies, and other aspects of the transaction.

• Parties: This agreement involves the buyer and seller.
To protect both parties. The title company shall serve as the escrow agent for the closing of this transaction. All documents and funds necessary to the completion of the transaction shall be placed in escrow five days prior to the closing. This agreement is to serve as escrow instructions for the closing of this transaction; the escrow agent may attach standard Conditions of Acceptance, insofar as the same is not inconsistent with the terms of this agreement. Seller shall pay out of the purchase price through escrow: (a) all costs associated with preparation of the deed; (b) all fees for filing the deed; (c) any amounts due Buyer by reason of prorations; and (d) one-half of the escrow fee. Buyer shall pay: (a) one-half of the escrow fee; (b) the cost of the title search; (c) the premium for the title commitment and the owner's fee policy of insurance; (d) any prorations due Seller; (e) all fees associated with the preparation and filing of Buyers mortgage; and (f) the real estate transfer tax.
title shall transfer to Buyer upon the expiration of the installment payment period, or thirty days after Seller's receipt that the balance of the purchase price has been deposited in escrow, whichever is earlier, or at such other time as the parties may agree in writing. The closing date may be extended or shortened upon written agreement of the parties

Finance: Traditional Finance with installments or with a balloon payment apply.

Default: In the event that the Buyer fails to make any installment payment when due under this Agreement, or fails to perform any of the other covenants or obligations required by this Agreement, and such default continues for a period of thirty (30) days after written notice of default has been given to the Buyer by the Seller, the Seller may declare the entire remaining unpaid balance of the purchase price immediately due and payable, and the Seller shall have the right to foreclose upon the property under the Power of Sale contained herein, subject to the provisions outlined.

Power of Sale - No Court Involvement: The foreclosure is completed without the need for court intervention unless the borrower files a lawsuit to challenge the foreclosure.

Timeframe: Non-judicial foreclosures in Georgia can be relatively quick, typically taking 30 to 60 days from the time of default to the foreclosure sale.

Use this form for the sale of residential, rental, condominiums, vacant land and planned unit developments.

For use in Georgia only.

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