Document background
The Owner Financed Home Sale Contract is utilized in Canadian real estate transactions where traditional mortgage financing is either not preferred or not available. This document serves as both a property sale agreement and a financing agreement, establishing the terms under which the seller will finance the buyer's purchase of the property. It is particularly relevant in situations where buyers may not qualify for traditional mortgage financing, or where sellers wish to generate ongoing income through interest payments. The agreement must comply with Canadian federal laws such as the Interest Act and provincial real estate regulations, while also addressing specific provincial requirements for property transfers and security registration. The document includes detailed provisions for the property sale, financing terms, security interests, payment schedules, default remedies, and property maintenance obligations. It provides a legally sound framework for seller financing while protecting both parties' interests throughout the financing term.
