Join the 9 million people who found a smarter way to get Expert help

Recent Contract for deed questions

Is there a minimum term (# of years) for an "owner-financed"

Is there a minimum term (# of years) for an "owner-financed" contract? We are thinking to sell our home but want to offer only 5 years to pay the balance.JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: We are in Bexar County TexasJA: Has any paperwork been filed?Customer: no, we are only negotiating the terms with the prospective buyers who asked if we would "owner finance"JA: Anything else you want the lawyer to know before I connect you?Customer: We are thinking to charge 5% interest but make it 'variable' depending on the prime rate at the time of sale, to keep the same 'spread' We wanted to just give 5 years to pay.

Read more

Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,186 satisfied customers
Contract for Deed in Iowa to purchaser property. Dispute

Contract for Deed in Iowa to purchaser property. Dispute that even though purchaser accepted property in AS-IS condition under contract that purchaser claims they did not receive a disclosure about a defect in the foundation that was behind a wall and refuses to make further payments under the contract, but also refuses to release possession to Seller until Seller either refunds all payments made under the contract or pays for the repair.Is an action to terminate the contract due to non-payment likely to be successful, or can the foundation defect dispute drag out the action? What is likely to happen in this scenario if seller refuses to meet demands of a full refund or to pay for the repair? What is likely to happen if purchaser simply does not make payments and does not begin any actual legal action? Can the contract fail and does the purchaser have a right to demand rent if contract fails?

Read more

RealEstateAnswer

Juris Doctor

33,152 satisfied customers
Tina, Fruitvale, tx. I own 12 acres on which I owe $100k and

Hello Tina,JA: Where is the property located?Customer: Fruitvale, tx. I own 12 acres on which I owe $100k and want to sell half of it to my neighbor. he can't come up with the money, so I want to carry what i'll be selling it for. how will that work?JA: Has any paperwork been filed?Customer: no ... we've just decided to do itJA: Anything else you want the lawyer to know before I connect you?Customer: I don't think so

Read more

Ely

Counselor at Law

Juris Doctor

67,164 satisfied customers
I sold my mobile home/land in Panama City, Florida, on

I sold my mobile home/land in Panama City, Florida, on contract a couple of years ago to Randy Harmon and Brenda Powers. Randy passed away last year. Brenda has not made the last 3 payments and did not pay 2015 or 2016 property taxes. She has found someone who wants to assume the contract. Randy had me remove the clause about rights of survivorship. He did not have a formal estate. He has 3 adult children who I have no idea how to contact. She is in the process of moving out and says she will pay 2016 taxes with her income tax refund check. She assured me 2015 was paid but when I texted her that a certificate had been sold, she said she'd call me right back and I have yet to hear from her. What can I do to cancel this contract so that I can just write up a pretty new one with the couple wanting the home? Do I need to find his three children as heirs of the estate? How can I make this as simple as possible?

Read more

Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,186 satisfied customers
I'm buying my home on a CFD with a very close friend of mine

I'm buying my home on a CFD with a very close friend of mine being the seller....I have a Warranty Deed in the case that something should happen to her. She died rather suddenly, yesterday.....and, the loan is covered by an insurance policy on her life. Am I sufficiently protected?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: IllinoisJA: Has any paperwork been filed?Customer: The contract for Deed was filed five years agoJA: Anything else you want the lawyer to know before I connect you?Customer: No, thank you

Read more

Ely

Counselor at Law

Juris Doctor

67,164 satisfied customers
The situation: We'd like to sell a rental property in

The situation:We'd like to sell a rental property in Minneapolis to a friend for many ease and friendship-related reasons. He has too many other mortgages right now to qualify for a conventional loan. He's suggested some shady-sounding options like a lower sale price and giving us cash on the side in the form of a promissory note for about a third of the sale price due in a year or two. We're not interested in anything shady and are looking for something that might work for us all..• He is open to contract for deed but transferring the title to his name could result in our mortgage being called in before he is able to cash out.• Could rent-to-own be a possibility? We could have an informal agreement that he will take on the upkeep of the house, and apply rent toward the selling price until enough is paid down for him to finance?• Are there any options that could work?JA: Because laws vary from place to place, can you tell me what state this is in?Customer: MinnesotaJA: Has any paperwork been filed?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: Cant think of anything

Read more

Ely

Counselor at Law

Juris Doctor

67,164 satisfied customers
If my daughter buys property from a third party, but I loan

If my daughter buys property from a third party, but I loan her the money to do so, what are the steps I would have to take to place a mortgage against the property?

Read more

Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,186 satisfied customers
My father has a property that is a contract for deed. The

Hi, my father has a property that is a contract for deed. The buyer is ready to pay it off early which the contract states he can. My father has dementia and so I need to complete this task. I have the following documents. A warranty deed, a quit claim deed, a contract for deed, a real estate Transfer Declaration and the loan analysis showing current balance. My Father and I live in NC and the property/buyer is in Illinois. What steps and or documents are required to complete everything? Thank you!JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: IllinoisJA: Has any paperwork been filed?Customer: It is all stamped by notary in the state of Illinois but I can't tell if it has been filed.JA: Anything else you want the lawyer to know before I connect you?Customer: No, I was just trying to make sure we know what the procedure is at this point.

Read more

Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,186 satisfied customers
If a person has two properties and says they want to sell by

If a person has two properties and says they want to sell by owner, nothing down and for 30 years with 10% interest to help my renters be able to buy a house, knowing that I do not have to do the upkeep and finds someone who wants that, but unbeknownst to themselves, someone might take advantage of me. A man wanted it and told me his secretary could draw up the papers. Then he has me sign one paper for one house and 2 pieces for the straight sale. The one is a rent with option. Now he is not paying me and laughing at me because I can't make him. I want them back and know that he cannot even file those papers at the court house due to several tings like a deed, etc., etc. I feel like he is going to find out how long he can keep them without paying on them now. Do I change the locks because I know what goes into closings. The papers are lacking many elements of a closing on a house and he did not even have them notarized so he can't file them. If I were to change the locks and notify the police, would that get me into trouble. What is the easiest thing I can do since he is not even paying me for them right now.JA: Because real estate law varies from place to place, can you tell me what state this is in? PayPal, Debitcard or credit card are all fine.Customer: Springfield, MissouriJA: Has any paperwork been filed?Customer: No, because he cannot file one piece of paper made out like a bill of sale and couldn't file them if he wanted to do so.JA: Anything else you want the lawyer to know before I connect you?Customer: I know he doesn't own the houses and I feel that I could change the locks and even if he called the police I can show them my real papers and his one or two page papers saying he is buying the house without a title, contract for deed, etc.

Read more

Damien Bosco

Attorney

Doctoral Degree

3,746 satisfied customers
View more real estate law questions
In The News