Real estate in Arkansas and owner finance
Regarding owner financing a home in Arkansas Who typically pays taxes and insurance.
Any possible way to state any monthly payment 30 days late will result in breach of contract allowing buyer/occupant an addl 15 days to remove their belongings All belongings as well as any improvements will not be reimbursed.
Rather have buyer carry tax and insurance but not sure what papers will allow that
Hi, Brenda. Thank you for your question! In general, the terms of owner financing are outlined in the promissory note after they’re negotiated by the buyer and seller. This document includes a description of the consequences of default – for example, this is your opportunity to state that late payment will result in default. We recommend having a promissory note prepared by an attorney so you can make sure the contract meets your needs and satisfies any state-specific requirements.
Best of luck,
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