Which of the following purchase agreements must include an amortization schedule by state law?

The requirement for an amortization schedule in a purchase agreement is specifically tied to the sale of a single-family residence financed by the seller in Delaware. This is significant because seller financing often involves direct negotiation between the buyer and seller regarding the terms of the loan, including the payment structure.

An amortization schedule outlines the breakdown of each payment over the life of the loan, showing how much goes toward principal and how much goes toward interest. This transparency ensures that the buyer understands their financial commitment and aids in financial planning. By law, including an amortization schedule helps protect the buyer’s interests and promotes informed decision-making in real estate transactions.

In other contexts, such as properties requiring a jumbo loan or foreclosure sales, the specific regulations around amortization schedules may not apply. Jumbo loans are typically conventional loans that exceed the conforming loan limits, and while they may require certain disclosures, they do not specifically mandate an amortization schedule by state law. Similarly, the sale of a condominium unit may have its own financing structure that does not necessitate this requirement under the law. Likewise, while seller-financed single-family residences are legally obligated to have an amortization schedule, other property sales may not share the same stipulation.