Are you rebuilding your credit history? Having trouble securing a loan? A Contract for Deed may be the solution to help you buy your dream home. If you find a willing seller, a Contract for Deed can help you build credit while working towards the purchase of a new home.
Use the Contract for Deed document if:
- A Purchase Agreement has been signed by the Buyer and Seller of real property who are ready to proceed with finalizing the transaction.
- You are selling real property to a Buyer who is unable to obtain financing through a bank or other financial institution and you have decided to act as the financer.
- You are buying real property from a Seller who is willing to allow you to reside on the property while you make payments toward to total purchase price.
- You are a Buyer who has no established credit or bad credit and wish to purchase a home by making payments on the sales price to the Seller without financing with a bank or other financial institution.
- You want to determine the amount of a monthly payment on a loan contract.
Purchasing a new home can be a challenge in any economy. A Contract for Deed can assist you in buying a home when other types of financing aren't available. By using a Contract for Deed, you can build your credit and take up residence in your new home by financing the sale through the seller. A Contract for Deed is used when a seller acts as the bank for the sale of their property to you. The seller finances the sale and you take up residence while making payments to the seller. It is important to know that the document name, Contract for Deed, is a bit misleading; it's not a deed at all. A seller retains the deed and ownership of the property until you pay off the full purchase price of the property, plus interest on the loan. A Contract for Deed is also known as a Contract for Sale, Land Sale Contract or Installment Contract.
Sample Contract for Deed
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