Contract for Deed. Pros and Cons Explained

Рет қаралды 7,260

2 жыл бұрын

Have you wondered how some people are able to buy a house without using a bank or a suitcase of cash? Most likely, that buyer benefited from something called a contract for deed.
Contract for deed is also known as a land contract, an installment contract or a bond for deed. No matter the name, it basically amounts to a deal where the seller provides the financing for the purchase.
While this idea seems like a breeze, there are lots of things to consider for buyers and sellers. Let’s go through some of the pros and cons briefly today.
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Пікірлер: 9

@dasawdustgirl2943 Жыл бұрын

Thanks for much for this very detailed explanation of how contract for deed works. I feel great now having "some knowledge" to present to my buyers.

@artkyger3425 4 ай бұрын

My dad sold many houses on contract-for-deed, I never heard him complain.

@wildmanofborneo 2 жыл бұрын

Hi, if the buyer defaults, what is the name of the court motion that the seller must file to regain physical possession (we already recorded the special warranty deed from buyer back to seller) ?

@USLegalForms 2 жыл бұрын

Unfortunately, this is a legal question that we are unable to answer as we don't provide legal advice. However, you can possibly go to our Legal Topics Section and find what you are needing uslegal.com/legal-topics/ If we can be of further assistance let us know.

@artkyger3425 4 ай бұрын

It's in the contract

@Davion_savant Жыл бұрын

Hi , if the seller brings on liens or defaults by not paying the funds i gave them , what will happen would all my funds be lost ?

@dasawdustgirl2943 Жыл бұрын

Following

@artkyger3425 4 ай бұрын

You have the wrong understanding. The seller is not paying anything. The sell OWNS the house and you are paying him for the house per the terms of your contract-for-deed. The only partied involved are you the buyer, and the seller. No one else is getting paid.

@Davion_savant 4 ай бұрын

@@artkyger3425 okay , appreciate your response ; lot of moving parts in this subject area.