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i want to sell my home but the young couple who wants it want…

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i want to sell my...
i want to sell my home but the young couple who wants it want to do a contract for deed for one year before purchase. They are trying to improve their credit rating and amount they can borrow. What is a contract for deed and how does it work for me the seller and owner of the home.
Submitted: 6 years ago.Category: Real Estate Law
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Answered in 4 minutes by:
9/1/2011
Real Estate Lawyer: Richard, Lawyer replied 6 years ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,025
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Good morning. Rather than a contract for deed....which can be a bit messy and really doesn't protect you if they can't buy, but binds you to them...I would recommend you enter into a 1-year lease and give them a first right of refusal.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have different intricacies in their laws and any information given is simply general information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

 

Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,025
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Customer reply replied 6 years ago
Where would I get the necessary forms to fill out for a lease? SHould I ask for a large deposit in case of damage. Would any of the lease money be applied to the buyers in a year when they purchse the home?
Real Estate Lawyer: Richard, Lawyer replied 6 years ago
You could get a lease form for a residential lease from legalzoom.com or rocketlawyer.com. Or you could have a real estate lawyer draft one for you. The latter would be a better document. I would only apply any of the lease payments to the lease if they were paying over the fair market rental value. Yes, I would require a large deposit.
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Customer reply replied 6 years ago
Can the form be drafted onthis site
Real Estate Lawyer: Richard, Lawyer replied 6 years ago
I'm sorry....we are not allowed to perform direct legal services under our terms of service with JA.
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