Tips For Using Seller Financing Addendum Templates

• 1. Detail the Payment Structure: Clearly outline the payment terms, including installment amounts, due dates, and interest rates, to avoid any misunderstandings. Ensure these terms align with the main contract.
• 2. Specify Default Consequences: Define the penalties for late or missed payments, such as late fees or the acceleration of the loan balance. This ensures enforceability and protects the seller's interests.
• 3. Address Legal Compliance: Ensure the addendum complies with all relevant federal and state laws, including any required disclosures or procedures, to prevent future legal issues.