What Form So I Use For A Seller Financed Home Sale?
Full Question:
Answer:
A contract for deed, or land contract, is often used as an alternative means of financing the purchase price of property. The buyer does not receive an actual deed until payments are made under the terms of the contract for deed agreement. Until the buyer receives a deed, ownership isn't transferred and the property is subject to being foreclosed on if the mortgagee/owner defaults on
the mortgage. The responsibility for payment for the property is a separate issue from the ownership of the property.For example, in the form Oklahoma Agreement or Contract for Deed for Sale and Purchase of Real Estate a/k/a Land or Executory Contract, the seller may specify the payment terms and that the buyer will pay taxes. Typically, in a contract for deed, the seller remains liable for the mortgage payments, which are figured into the monthly amount payable by the buyer. However, if the mortgage has been assigned to the buyer, the form may be modified to indicate the buyer is to pay the lender. In such a case, it should also specify the seller's remedy upon default by the buyer.
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