How Do You Purchase A Home With A Contract For Deed?
Purchasing a home with a contract for deed might be a good alternative if you compare battling the credit crunch for conventional mortgages. Contracts for deed (aka land contracts) have been around for years and were originally used for agricultural properties. It is a simple installment contract used to get owner financing with little risk to the seller since the buyer does not take title to the property until he pays off the seller and the contract for deed is paid in full. All details of how the buyer finalizes the actual buyout, buyer and seller responsibilities, and the interest rate (which is negotiable) must be spelled out in the contract. Find a seller with a property that suits you and talk about using a contract for deed. Inquire about the sale price, and, if all details are agreeable, discuss the down payment. The title is not passed to you until the contract is paid off in a contract for deed, so be sure to discuss agreeable terms and the rate and payment, as well as when t
