byangelrei

Seller-Financed Land – Angel REI Properties LLC

1️⃣ What type of contract am I signing?

You are signing an Agreement for Deed (Land Contract).

For privacy and security reasons:

The full Agreement for Deed is not recorded publicly.
Instead, we record a Memorandum of Agreement for Deed in the county where the property is located.

The Memorandum simply gives public notice that a valid contract exists. It does not transfer legal title.

2️⃣ Do I legally own the property after signing?

Not yet.

During the contract:

You receive possession and use rights.
You receive equitable interest in the property.
Legal title remains with Angel REI Properties LLC until the contract is paid in full.

After final payment:

A Special Warranty Deed is signed and recorded.
You become the full legal owner.

3️⃣ Why does the Property Appraiser show my name as owner?

The Property Appraiser may update their records for tax purposes after the Memorandum is recorded.

However:

This does not mean you hold legal title.
Legal ownership transfers only after the deed is recorded upon payoff.

4️⃣ What is the interest rate?

The interest rate is:

15% per year
Calculated using a 360-day year
Simple interest (not compounded)

5️⃣ How are monthly payments made?

All payments are managed through:

🏦 Terra Notes Loan Management Simplified

Buyers must:

Create a Terra Notes account
Set up their payment portal
Authorize automatic payments via:
- ACH (bank transfer), or
- Credit card

6️⃣ What does my monthly payment include?

Your monthly payment includes:

Principal
15% interest
Property taxes (collected monthly)
$10 servicing fee
$5 transaction fee (ACH or credit card)

You do not pay property taxes separately — we collect them monthly to ensure they remain current.

7️⃣ Is there a down payment?

Yes.

A $500 down payment is required to reserve the property and begin the contract process.

8️⃣ What is the 15-day due diligence period?

After your $500 down payment:

You have 15 days to inspect and research the property.
You may cancel within 15 days for a full refund.
After 15 days, the deposit becomes non-refundable.

9️⃣ What happens if I make a late payment?

If a payment is more than 10 days late:

$25 late fee
$5 per day thereafter until paid

Timely payments are essential to maintain your contract rights.

🔟 What happens if I stop making payments?

If payment is unpaid for 14 days, you are in default.

You will receive a Notice of Default.

If not cured:

The contract may be terminated.
You may lose possession rights.
Payments made may be forfeited.
Collateral may be enforced under Florida law.

1️⃣1️⃣ What is collateral and why is it required?

Because this is private seller financing (no bank involved), we require additional collateral to prevent defaults.

Collateral may include:

A vehicle
Trailer or mobile home
Other land
Other personal property owned free and clear

We execute a Security Agreement and record a UCC-1 lien with the State of Florida.

You keep full use of your collateral as long as payments are current.

Once the loan is paid in full:

A lien release is issued.
A UCC-3 termination is filed with the State.

1️⃣2️⃣ Can I use the land while making payments?

Yes.

After signing and recording the Memorandum:

You may visit and use the land.
You must comply with county zoning and building rules.
Permanent construction is recommended only after full ownership.

1️⃣3️⃣ Can I sell the land before paying it off?

No.

You cannot:

Sell
Transfer
Assign
Lease-option
Mortgage

the property during the contract term.

1️⃣4️⃣ Who pays property taxes?

You do.

However, we collect taxes monthly within your payment to prevent delinquency.

1️⃣5️⃣ Is the land sold with warranties?

No.

All land is sold:

AS-IS

Buyers must complete their own due diligence during the 15-day period.

1️⃣6️⃣ Why is financing more expensive than cash?

Financing includes:

Higher risk to the seller
No credit check
No bank approval process
Flexible underwriting
Administrative servicing costs
Risk of default

Cash buyers assume no financing risk, so pricing is lower.

1️⃣7️⃣ Do I need a lawyer?

We recommend consulting a Florida real estate attorney before signing any legal document.

This program is designed to be simple and transparent, but legal review is always encouraged.

⚖️ Legal Disclaimer

This FAQ is for informational purposes only and does not constitute legal advice.

Angel REI Properties LLC is not a law firm.

All transactions are governed by Florida law. Buyers are encouraged to consult an attorney before entering into any binding agreement.

Recording of a Memorandum of Agreement for Deed does not transfer legal title. Legal title transfers only upon full payment and recording of a deed.

Failure to comply with payment terms may result in contract termination and enforcement of collateral rights.

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

APN (Assessor Parcel Number): _____________
Legal Description: _____________________________________
Property Address: _____________________________________
County: _____________
State: _____________
Seller: Angel REI Properties LLC, a Washington Limited Liability Company
Buyer: _______________________________

Disclosure Statement
As part of the Agreement for Deed regarding the property mentioned above, the Buyer acknowledges and agrees to the following:

1. Earnest Money Deposit and Due Diligence Period

The Buyer must provide an earnest money deposit of $500 to place the property in “Pending
Status.”
The 15-day due diligence period begins on the date the Buyer signs this Disclosure
Statement.
During this period, the Buyer is responsible for conducting all necessary inspections, title
searches, and evaluations of the property.
If the Buyer chooses not to proceed with the purchase within the due diligence period, the
earnest money deposit will be refunded.
If the Buyer chooses to go forward with the purchase, the deposit will be allocated to the
down payment. The Seller and Buyer will notarize the agreement with two witnesses and
proceed to record the Agreement for Deed with the County to finalize the Agreement.

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, property 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, and the Buyer
assumes full responsibility for verifying all aspects of the property.

3. Title Search and Inspection

The Buyer is responsible for conducting a thorough title search to identify any liens,
encumbrances, easements, or other title defects that may affect ownership rights.
The Buyer must conduct any inspections they deem necessary, including but not limited to
environmental, structural, zoning, or any other property-related inspections.
The Seller assumes no responsibility for any issues found during the Buyer’s due diligence
process.

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 property-related matters.
If the Buyer chooses not to obtain a survey, they assume all risks associated with boundary
disputes or land use limitations resulting from the lack of a survey.

5. Assumption of Risk

The Buyer acknowledges that they are purchasing the property “as-is,” in its present
condition, with all faults and defects, whether known or unknown.
The Seller is not responsible for any issues discovered after the purchase, including but not
limited to:
o Title defects
o Boundary disputes
o Zoning or land use restrictions
o Environmental hazards
o Utilities access

6. No Seller Liability

The Buyer understands and agrees that the Seller has made no guarantees or warranties
regarding:
o The property’s condition
o Its suitability for any particular use
o Its compliance with any local, state, or federal laws or regulations
The Seller is not responsible for any expenses, losses, or damages incurred by the Buyer due
to the Buyer’s failure to conduct proper due diligence or as a result of any defects or issues
with the property.

7. Expiration of the Disclosure Statement

The Buyer has 3 days from the date this Disclosure Statement is provided to them to review
and sign it.
If the Buyer does not sign the document within this 3-day period, the Disclosure Statement
will be considered expired, and the Seller may, at their discretion:

Terminate the Agreement for Deed; or
Require the Buyer to sign a new disclosure statement before proceeding.

8. Acknowledgment and Signature
By signing below, the Buyer acknowledges that they have:

Read and understood this Disclosure Statement in its entirety.
Accepted full responsibility for conducting due diligence.
Agreed that they are entering into this transaction voluntarily, without reliance on any
representations or warranties made by the Seller.

Buyer Signature(s):
Signature: _________________________________
Printed Name: ______________________________
Date: _______

County Department Contact Information
The Buyer is encouraged to contact the relevant county departments for further verification regarding theproperty:
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