Steps for Seller Financing Plan
Seller financing provides buyers with a flexible and accessible way to purchase land without the need for a traditional bank loan. At Angel REI Properties LLC, we have designed a clear and structured process to ensure a smooth and transparent experience for both buyers and sellers. Below are the steps involved in our Seller Financing Plan, along with their purpose and importance.
1. Seller Finance Application
Purpose
The Seller Finance Application is the first step in the process. It allows us to assess whether the buyer meets the financial requirements for seller financing. This application typically asks for basic financial details to ensure the buyer can afford the down payment and monthly payments.
Why It’s Important
- Ensures that both the buyer and seller have a clear understanding of the buyer’s financial capability before proceeding.
- Helps prevent delays or issues later in the process.
- Streamlines the approval process, making it efficient and transparent.
🔹 Next Step: Buyers can find the application link on the property page they are interested in on our website. Click here to fill out the Seller Finance Plan Form.
2. Buyer Due Diligence Disclosure Statement
Purpose
This document outlines the buyer’s responsibilities during the 15-day due diligence period. During this time, the buyer must:
✔ Inspect the property
✔ Perform a title search
✔ Verify zoning, access, and land use
Why It’s Important
- Protects the buyer by giving them time to complete all necessary property evaluations.
- Ensures full transparency and helps avoid misunderstandings about the property’s condition.
- Allows buyers to cancel the purchase and receive a refund of their $500 deposit if they decide not to proceed within this period.
3. Agreement for Deed
Purpose
The Agreement for Deed is the legally binding contract between Angel REI Properties LLC (Seller) and the Buyer. It clearly defines:
- Purchase price
- Down payment and monthly payment amounts
- Interest rate and payment schedule
- Buyer’s rights and obligations
- Seller’s role and responsibilities
Why It’s Important
- Establishes the legal foundation for the transaction, ensuring both parties are protected.
- Provides a clear outline of the financing terms, reducing disputes or misunderstandings.
- Guarantees that buyers can secure land ownership while making affordable payments.
4. Buyer Notarizes the Agreement for Deed with 2 Witnesses
Purpose
The buyer must sign and notarize the Agreement for Deed in front of two witnesses. This step legally validates the agreement.
Why It’s Important
- Ensures that the buyer’s commitment to the purchase is legally recorded.
- Provides legal proof of the agreement, protecting both the buyer and seller.
- Meets county recording requirements to proceed with property transfer.
5. Seller Notarizes the Agreement for Deed with 2 Witnesses
Purpose
Once the buyer has completed their part, the seller will also notarize and sign the Agreement for Deed with two witnesses.
Why It’s Important
- Finalizes the contract, making it legally binding for both parties.
- Ensures proper documentation is completed before recording the agreement.
6. Seller Records the Agreement for Deed in the County Where the Property is Located
Purpose
After both parties have signed and notarized the Agreement for Deed, Angel REI Properties LLC will record the agreement in the county where the property is located. This step officially documents the transaction with local government offices.
Why It’s Important
- Ensures that the agreement is publicly recorded and legally recognized.
- Protects both parties by providing a formal record of ownership interest.
- Prevents any future disputes about the sale or financing terms.
7. Seller Mails a Copy of the Recorded Agreement for Deed to the Buyer
Purpose
Once the county has recorded the Agreement for Deed, the seller will send the buyer an official copy by mail.
Why It’s Important
- Provides the buyer with proof of the recorded agreement.
- Confirms that the transaction has been properly completed.
- Serves as a reference document for future payments and obligations.
Conclusion
The Seller Financing Plan at Angel REI Properties LLC is designed to be transparent, secure, and efficient. Each step ensures that buyers can confidently invest in land with flexible financing and clear legal protections.
🔹 Ready to own land? Start by filling out the Seller Finance Application on our website:
👉 Apply Here
🚀 Angel REI Properties LLC – Helping You Own Land, One Payment at a Time!
General Questions About the Property & Seller Financing
1. What does “seller-financed” mean for purchasing land?
Seller financing means that instead of getting a traditional bank loan, you make payments directly to Angel REI Properties LLC over time. We act as the lender, allowing you to buy the land with flexible financing options.
2. Why should I buy seller-financed land instead of getting a bank loan?
With seller financing, there’s no bank approval process, no credit checks, and more flexible payment terms. You can own land without the hassle of traditional lenders.
3. Do I get the deed immediately after purchase?
Not right away. The Agreement for Deed outlines that you receive the deed once all payments are made. We file this agreement in Putnam County, Florida, ensuring that your ownership interest is recorded.
4. What happens if I pay off the balance early?
There are no prepayment penalties. You can pay off the remaining balance anytime and receive the deed to the property sooner.
5. What are the benefits of making a higher down payment?
A higher down payment reduces your loan amount, lowers monthly payments, and shows your commitment. Buyers who make larger down payments are less likely to default, making the purchase more secure for both parties.
Financial & Payment Questions
6. What is the interest rate on the seller financing?
The interest rate is 15% per annum, calculated daily based on a 360-day year. Payments are applied first to interest, then to principal.
7. How much is the down payment?
The down payment varies per property. However, we encourage higher down payments to help reduce your loan balance and monthly payment.
8. What are the monthly payments, and when do they start?
Your monthly payment depends on the loan amount after the down payment. Payments begin one month after signing the Agreement for Deed and are due on the same day each month.
9. Are there late fees for missed payments?
Yes. If a payment is more than 10 days late, there is a $25 late fee, plus $5 per day until payment is made.
10. How do I make my monthly payments?
Payments are made through Terra Notes Loan Management Simplified, or another system specified in writing. Payments can be made via ACH transfer or credit card, and a $25 monthly servicing fee and other transaction fees apply.
Ownership & Use of the Land
11. Can I build on the land right away?
Yes, but all improvements and permits are the buyer’s responsibility. You must comply with Putnam County zoning and land use laws.
12. Can I use the land for camping or RV parking?
Rules vary by location. You should check Putnam County zoning laws to see if RVs or temporary structures are allowed.
Click here: Putnam County RV as Temporary Shelter
13. Do I need to pay property taxes?
Yes. You are responsible for all property taxes, which must be paid directly to Putnam County Tax Collector’s Office. If you fail to pay, we will cover the taxes, but you must reimburse us with 1.5% monthly interest.
14. What happens if I stop making payments?
If you default, we provide 14 days’ notice to remedy the situation. If the issue isn’t fixed, the contract is terminated, and you must vacate the land. No refunds are given for payments made.
15. Can I sell or transfer the land before paying it off?
No. The Agreement for Deed prohibits selling or transferring your ownership interest without written consent from Angel REI Properties LLC.
Closing, Deed, and Legal Questions
16. When do I receive the deed to the land?
Once the full purchase price and any applicable fees are paid, we will record a Special Warranty Deed in Putnam County, Florida, transferring ownership to you.
17. Do I need title insurance?
Title insurance is optional but recommended. If you choose to purchase it, all costs are your responsibility.
18. Is there a cancellation policy?
Yes. You have an absolute right to cancel within 7 business days after signing. If you cancel within this period, all money paid will be refunded within 20 days.
19. Is the land sold “as-is”?
Yes. You have the opportunity to inspect the property before purchase. The Buyer is responsible for conducting all due diligence, including verifying zoning, property boundaries, access to utilities, title searches, and any necessary inspections. The Buyer Due Diligence Disclosure Statement must be signed before proceeding with the purchase. The Seller makes no guarantees regarding the property’s condition, suitability, or compliance with laws. If the Buyer fails to complete due diligence and later discovers issues, the Seller is not liable for any costs or losses incurred.
20. How do I start the buying process?
To begin the purchase process, the Buyer must complete and submit a Seller Finance Application to Angel REI Properties LLC. This application is for preliminary assessment only and does not guarantee approval of seller financing. All information will be kept confidential.
Once the application is reviewed, if approved, the Buyer will sign the Buyer Due Diligence Disclosure Statement and submit a $500 refundable deposit to place the property in Pending Status for a 15-day due diligence period. During this period, the Buyer is responsible for verifying all aspects of the property. If the Buyer decides to proceed, the deposit will be applied toward the purchase price, and contract documents will be prepared for signing.
21. Does seller financing offer flexible terms to meet buyers’ needs?
Yes! Angel REI Properties LLC offers flexible seller financing options to make land ownership accessible. We work with buyers to create financing terms that fit their budget, including:
- Adjustable loan terms based on down payment and monthly payment preferences
- No credit checks or bank approvals required
- Early payoff option with no prepayment penalties
- Fixed interest rate of 15% per annum
- Low monthly payments to spread costs over time
Our goal is to provide financing that helps buyers invest in land while maintaining affordable payments.
Why is the financing price higher than the cash purchase price?
When purchasing with seller financing, the price is higher than the cash price because:
✔ Convenience of Financing – You can buy land without needing a bank loan or credit approval.
✔ Risk to the Seller – We take on financial risk by allowing buyers to pay over time.
✔ Administrative Costs – There are loan servicing fees, record-keeping, and processing costs involved in maintaining a financing plan.
✔ Interest Over Time – Since payments are spread out, the total cost includes the interest charged over the financing period.
💡 Tip: Buyers who pay in full with cash receive a discounted price because there’s no financing risk or additional processing costs involved.
Ready to Own Land in Putnam County, Florida?
🚀 Angel REI Properties LLC – Helping You Own Land, One Payment at a Time!
Seller Finance Application Form (sample)
Important Notes
- This application is for preliminary assessment purposes only and does not guarantee approval of seller financing.
- All information will be kept confidential.
1. Personal Information
- Full Name:
- Phone Number:
- Email Address:
4. Property Information (auto-populate)
- Land APN Number _ _ _
5. Financial Information
- Available Funds for Down Payment:
Yes
No - What is your approximate monthly income?
$________ - Other Monthly Credit Obligations (e.g., car loans, credit cards):
Yes. What are the total payments? $_________
No - Are there any outstanding liens or judgments on your credit report?
- ☐ Yes ☐ No
6. Borrower Questions
- Have you been current on all rent or housing payments over the past 12 months?
- ☐ Yes ☐ No
- How do you earn income, and can it be verified? (Check all that apply)
- ☐ Self-Employed: Provide 2 years of tax returns or 12 months of bank deposits
- ☐ W-2 Employee: Provide last year’s W-2 and 2 current pay stubs
- ☐ Pension/SSI/Disability: Provide last year’s 1099 or current award letter
- Other (please specify): ___________________________
- Are you currently in foreclosure, forbearance, or bankruptcy?
- ☐ Yes ☐ No
- Do all borrowers have a valid SSN or ITIN?
- ☐ Yes ☐ No
7. Authorization and Certification
I certify that the information provided is true and correct. I authorize the seller to verify my employment and financial information.
- Buyer’s Signature: ______________________________________
- Date: _______________
BUYER DUE DILIGENCE DISCLOSURE STATEMENT Form (sample)
Today’s Date: ________________
Property Information:
• Parcel ID (APN): _________________________
*Legal Description: _________________________________________________
*Property Address: _________________________________________________
• County: _________________________
• State: _________________________
Seller: Angel REI Properties LLC, a Washington Limited Liability Company
Buyer: ___________________________________________
Disclosure Statement
As part of the purchase agreement for the property referenced above, the Buyer acknowledges and agrees to the following:
1. Deposit Agreement and Due Diligence Period:
A down payment of $500 is required to place the property in “Pending Status.” This deposit is refundable if you decide not to proceed within the 15-day due diligence period, which begins when you sign this Disclosure Statement. During this period, you are responsible for all inspections and title searches. If you choose to move forward, the deposit will be applied toward the purchase price, and we will provide the necessary contract documents for review.
2. Buyer’s Responsibility for Due Diligence:
The Buyer is solely responsible for conducting all due diligence related to the property. This includes, but is not limited to, verifying the legal description, boundaries, zoning, access to utilities, environmental conditions, and any other factors affecting the use or value of the property. The Seller makes no representations or warranties regarding these matters.
3. Title Search and Inspection:
The Buyer is responsible for performing a thorough title search to identify any liens, encumbrances, easements, or other issues affecting the property. The Buyer must also conduct any inspections they deem necessary, such as environmental, structural, or other relevant inspections.
4. Survey:
The Buyer is responsible for obtaining a land survey at their own expense to verify the property’s boundaries, encroachments, easements, or other matters. If the Buyer chooses to waive the survey, they assume all risks related to the lack of one.
5. Assumption of Risk:
The Buyer acknowledges that the property is being purchased “as-is” and that the Seller is not responsible for any issues discovered after the purchase, including but not limited to title, boundary, zoning, or environmental concerns.
6. No Seller Liability:
The Buyer understands that the Seller has made no guarantees regarding the property’s condition, suitability for a particular use, or compliance with laws. The Seller is not responsible for any costs, losses, or damages incurred by the Buyer due to failure to conduct due diligence or any property defects.
8. Expiration of the Disclosure Statement:
The Buyer has 3 days from the date the Disclosure Statement is provided to them to review and sign it. If the Buyer does not sign the document within this period, the Disclosure Statement will expire, and the Seller may terminate the purchase agreement or issue a new disclosure statement.
9. Acknowledgment and Signature:
By signing below, the Buyer acknowledges that they have read and understood this Disclosure Statement and accept full responsibility for conducting due diligence. The Buyer further acknowledges that they are entering into this agreement voluntarily, without reliance on any representations made by the Seller.
Buyer:
• Signature: _____________________________________________
• Printed Name: __________________________________________
• Date: ___________________
County Department Contact Info
Property Appraiser:(386) 329-0286
Tax Collector:(386) 329-0282
Planning & Development:(386) 329-0307
Code Enforcement:(386) 329-0317
Building & Zoning:(386) 329-0316
Putnam County Clerk and Recording: (386) 326-7680
AGREEMENT FOR DEED (sample)
Still have questions? Check out our Land For Sale / How It Works / FAQ
