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I am Selling a Home in Fort Myers, Florida. The buyer Wants…

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I am Selling a Home...
I am Selling a Home in Fort Myers, Florida. The buyer Wants to do a Contract for Deed (Seller Financing) The Price is 65,000, and the he is putting 25,000 Down.

This is a Good Deal for me, But Would it be Better to do a Contract for Deed, or Would it be Better to transfer the Title and The Seller Becomes a first Lein Holder on the Property?
Submitted: 8 years ago.Category: Legal
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Answered in 2 minutes by:
6/10/2010
Lawyer: Richard, Attorney replied 8 years ago
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 57,232
Experience: Attorney with 29 years of experience.
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Good afternoon. It would be better for you as the seller to do a Contract for Deed because you don't give up title to the property until buyer has paid in full. It would be better for seller to transfer the title now and give you a first lien....what makes that worse for you is that if he doesn't pay, you must go through the foreclosure process to get the title back.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

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If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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