Posted on: 19th Mar, 2009 07:49 pm
My fiance and I are currently in talks with a co-worker of mine about doing a Contract for Deed agreement. He is interested in an arangement that will let us pay his monthly mortgage fee and no extra, there has been a serious down turn in housing prices in our area and he is just wanting to break-even. We will not be making a down-payment and he will keep the mortgage and title. So how do we go about ensuring that this will all work out properly?
Hi evan_dean,
You will have to contact an attorney and let him draft the agreement for you. The agreement will state all the important points pertaining to the deal. The agreement should be drafted in such a way that both your as well as the seller's interest are taken into consideration. You as well as the seller will have to sign the agreement to make it legal.
Thanks
You will have to contact an attorney and let him draft the agreement for you. The agreement will state all the important points pertaining to the deal. The agreement should be drafted in such a way that both your as well as the seller's interest are taken into consideration. You as well as the seller will have to sign the agreement to make it legal.
Thanks
Be very carefull. Make sure you have a lawyer for you only. They can have their own lwyer. I did this 4 years ago. the owner sold and financed the property and the contract was created by her lawyer. I ended up with a terrible contract tha is all in her favor. it is hell and you only find out when you have an issue with a payment being late or in default. plase get your own lawyer, a very good real state lawyer! make sure you do not have ecxesive penalties or high percentages that are not in line with the Fair lending act rule, and with the consumer protections laws and all the laws regarding loans.