PMM Structure for Florida Property
FL PMM structure: promissory note + mortgage (recorded at closing). Seller-financed terms: 10-30% down, 1-3% above market rate, 3-10 year balloon or 15-30 year amortization. Documents: note, mortgage, TILA disclosure (if 5+ per year), title search, and insurance (seller as loss payee). Usury limit: 18% under $500K (Section 687.02); 25% over $500K; criminal above 25%.
Structure
- Promissory note + recorded mortgage
- Executed at same closing as deed
Typical Terms
- Down: 10-30%, rate: market + 1-3%
- Term: 3-10 year balloon or 15-30 year
- Late fees: 5% after 15-day grace
Usury
- 18% max under $500K
- 25% max over $500K
- Criminal above 25% (felony)
Related Terms
- PMM — Overview
Barnes Walker Real Estate
Barnes Walker’s attorneys structure PMMs for Florida transactions. Request a legal inquiry for assistance.
Florida Law Reference
Fla. Stat. Ch. 697
Defines mortgages as liens on real property and establishes requirements for mortgage creation, assignment, and satisfaction in Florida.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC