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SALE OF LAND ACT 1962 - SCHEDULE 2

SALE OF LAND ACT 1962 - SCHEDULE 2

Schedule 2—Details of cost of vendor finance

Deposit payable

$

Balance of purchase money including total interest but less deposit

$

Final payment when periodical payments completed

$

Purchase price excluding total interest and deposit if shown in contract

$

Lowest price at which land may be bought for cash where contract does not show purchase price less interest and deposit

$

Number of repayments

No.

Amount of each repayment

$ *5

When repayments due

Date

Annual percentage interest rate

% *1

Whether variable

Yes/No *2

Total interest payable

$

Charge for late payment

$

NOTES:

*1.     The annual percentage rate is the percentage rate which, as applied to the daily unpaid balance of purchase money excluding interest (if shown in the contract) or, if that is not shown in the contract, the lowest cash price at which the land might be bought, will yield the amount equal to the total interest.

*2.     Delete where inapplicable.

3.     If the interest rate is variable the amount in the Schedule should be calculated as if the rate did not vary.

4.     Amounts in the Schedule must be calculated as if all payments were made as and when they fall due, but the penalty for late payment must still be shown.

*5.     If the payments vary in amount, specify the amount of each repayment.

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