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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55715
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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i want to sell my home but the young couple who wants it want

Customer Question

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
Expert:  Richard replied 6 years ago.

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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Customer: 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?
Expert:  Richard replied 6 years ago.
You could get a lease form for a residential lease from or 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.
Customer: replied 6 years ago.
Can the form be drafted onthis site
Expert:  Richard replied 6 years ago.
I'm sorry....we are not allowed to perform direct legal services under our terms of service with JA.