|Real Estate Roundtable
|Land contract for deed
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|Author:||jagarlans [ Wed Aug 25, 2010 9:27 pm ]|
|Post subject:||Land contract for deed|
My question is about land contracts for deed. As a buyer what wording should be present in contract to protect me ? Using a title company to be trustee for seller and buyer is that the best way to do land contract for deed? Does anyone have a example of land contract for deed?
|Author:||Phil S. [ Sun Aug 29, 2010 9:21 am ]|
|Post subject:||Re: Land contract for deed|
I am thinking that the Land Contract for Deed is what we would term an Installment Land Contract whereby the title company would hold the executed deed in escrow. We have the documents necessary. You also may consider if the seller will do a seller financing as opposed to an Installment Contract. Making sure the Agreement has provisions about the seller paying on the mortgage is important as well as having a title search done and title issued so you know what is outstanding against the property.
As a buyer you would like to have a Memorandum of the Land Contract recorded to secure your position in the chain of title.
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