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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Do you mean land contract? Posted by Rick Harmon on July 22, 2010 at 4:54 PM In Reply to: land use contract posted by Dan on July 22, 2010 at 6:43 AM This instrument is sometimes called a contract for deed, too. Not very common isn my part of the world since the 1970's but still used frequently in the mid-west and eastern states, especially where selling on installments (aka seller terms or seller financing). In this technique, seller does NOT get a deed or title until they have satisfied the terms of the contract. In my state, The primary downside for the seller is that it is necessary to foreclose on a defaulting buyer (vendee) using such an instrument. Downside to buyer is that, evem if the buyer performs as agreed, seller may not produce the transfer doc (deed) in a timely basis (such as when they've died!) and this plays havoc with the buyer's ability to gain marketable title. Follow Ups: You meant "buyer" right?? Ward-CA- 6:27 PM, 07/22/10 (1) Clear as mudd... Rick Harmon 8:02 AM, 07/23/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : This instrument is sometimes called a contract for deed, too. Not very common isn my part of the world since the 1970's but still used frequently in the mid-west and eastern states, especially where selling on installments (aka seller terms or seller financing). : In this technique, seller does NOT get a deed or title until they have satisfied the terms of the contract. : In my state, The primary downside for the seller is that it is necessary to foreclose on a defaulting buyer (vendee) using such an instrument. Downside to buyer is that, evem if the buyer performs as agreed, seller may not produce the transfer doc (deed) in a timely basis (such as when they've died!) and this plays havoc with the buyer's ability to gain marketable title. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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