Document background
The Seller Financed Mortgage Contract is a specialized legal instrument used in Philippine real estate transactions where traditional bank financing is either unavailable or undesirable. This document type has gained prominence as an alternative financing method, particularly in residential and small commercial property transactions. The contract must comply with Philippine law, including the Civil Code, Maceda Law, and various real estate regulations. It typically includes comprehensive terms covering property description, payment schedules, interest calculations, security arrangements, and default remedies. The document is particularly useful in situations where buyers may not qualify for traditional bank mortgages, or where sellers prefer to earn interest income while providing buyers with more flexible terms than institutional lenders. It requires careful consideration of both parties' rights and obligations under Philippine law, including specific provisions for property registration, tax implications, and consumer protection requirements.
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