Document background
The Owner Finance Contract is utilized in situations where traditional bank financing is either unavailable or undesirable, allowing property sellers in Ireland to directly finance the buyer's purchase. This arrangement is particularly relevant in cases where buyers may not qualify for conventional mortgages, or where sellers seek to generate ongoing income through interest payments. The document must comply with Irish property law, financial regulations, and consumer protection requirements while providing comprehensive coverage of the sale and financing terms. It includes crucial elements such as property details, purchase price, payment schedule, interest rates, security arrangements, default provisions, and conditions for title transfer. The agreement serves as both a property sale contract and a financing agreement, requiring careful attention to both aspects to protect the interests of all parties involved.
